Tether dominance, or Tether’s percentage of total stablecoin supply in circulation, dropped to a 3-year low this week as it fell to less than 73%. Just three months ago, Tether’s dominance was still hovering around 96%.
The decline in dominance can be explained by 2 factors: 1) the rise of new stablecoins and 2) Tether destroying almost a third of its supply. TrueUSD, USD Coin and Paxos now all have a circulating supply north of $170 million while Gemini is trailing with nearly $85 million.
The post Tether dominance drops to new 3-year low as other stablecoins gain traction appeared first on The Block.
Tether dominance drops to new 3-year low as other stablecoins gain traction written by Larry Cermak @ https://www.theblockcrypto.com/tiny/tether-dominance-drops-to-new-3-year-low-as-other-stablecoins-gain-traction/ December 10, 2018 Larry Cermak