The total market value of stablecoins has decreased by 26% from its peak.

Kamal531

According to Glassnode data, Tether has shown significant growth in its market share in the stablecoin market. Currently, USDT holds 69% of the stablecoin market, which is a 25% increase compared to the low point of 44% market share in June 2022. BUSD's dominance has fallen to 2.1%, while USDC only accounts for 21.7%, a significant decrease from its peak of 38% over a year ago. Since hitting a low point in this cycle in November 2022, the supply of USDT has actually increased by $13.3 billion. In contrast, USDC has seen a decrease of nearly -$16.7 billion, possibly due in part to U.S. institutions moving funds to higher-yield markets. BUSD has seen a substantial decrease of -$20.4 billion (-89%), primarily because issuer Paxos shifted to a redemption-only mode following enforcement by the U.S. Securities and Exchange Commission (SEC). Since reaching its peak in March 2022, a total of $43 billion in stablecoins has been redeemed, resulting in a 26% decrease in total value.