In Europe, USDT market share on exchanges fell from 82% to 74%
The stablecoin USDT is losing its position on centralized exchanges. Kaiko analysts estimate that USDT's market share on centralized exchanges (CEX) will fall from 82% to 74% in 2024.
This may be due in part to increased competition from other stablecoins such as FDUSD and USDC. The market share of the latter asset reached a record high of 12% by the end of June, helped by increased trading volumes on Binance, Bybit and OKX. FDUSD gained popularity thanks to a promotion on the largest crypto exchange Binance, which offered stablecoin transactions with zero commission.
Investors are now of increased interest in profitable stablecoins, the issuers of Paxos and Tether presented their own alternatives in the second quarter of this year.
The market share of USDT began to decline after the implementation of the European MiCA regulation, the key beneficiary of which analysts cite USDC from the issuer Circle as meeting all requirements.
