The distribution of stablecoins by market capitalization is shown in the photo above.

USDT predictably holds the leading positions. USDT dominance stands at 69%, followed by USDC, DAI, FDUSD, and others.

I doubt anyone will ever come close to USDT and be able to surpass it.

Author's comment:

Stablecoins are cryptocurrencies designed to maintain a stable value by pegging their worth to an asset like fiat currency, precious metals, or other cryptocurrencies. They provide a way for traders to hedge against volatility in the cryptocurrency markets while still enjoying the benefits of blockchain technology.

USDT, or Tether, is one of the most popular stablecoins and is pegged 1:1 to the US dollar. It's widely used for trading and transferring value across different cryptocurrency exchanges due to its stability.

USDC (USD Coin) is another stablecoin pegged to the US dollar, issued by regulated financial institutions. DAI is a decentralized stablecoin pegged to the US dollar but maintained through smart contracts on the Ethereum blockchain.

FDUSD and other stablecoins mentioned are likely to have specific use cases or niche markets but may not have the same level of adoption or dominance as USDT.

Despite the competition and emergence of new stablecoins, USDT has maintained its dominance in the market due to its early adoption, liquidity, and trust among traders.