• The stablecoin market has significantly changed and lost $12 billion in value since November 2022.
• Tether has emerged as the clear winner, with a 55% market share, while BUSD woes have caused its dominance to halve.
• USDC’s dominance has increased to 34%, while DAI and BUSD remain relatively flat at 4%.

Stablecoin Market Shakeup

The global stablecoin market has seen significant changes since November 2022, resulting in a $12 billion devaluation of the market. Despite this downturn, one token stands out from the rest – Tether (USDT).

Tether Dominance

Tether’s dominance of the stablecoin market has grown significantly over the past four months, increasing to a whopping 55% of the entire market share. This is in contrast to BUSD’s decreasing market share which fell from 14% to 7%, due to ongoing issues with its reserves.

DAI & USDC Balances

DAI’s dominance remains relatively flat at 4%, however its balance held on exchanges is trending downwards since May 2022. On the other hand, USDC’s dominance in the market has increased to 34%, with its exchange balance spiking close to April 2022 highs.

Binance & Crypto.com Hold Most Stablecoins

Binance holds an overwhelming majority of both BUSD and DAI tokens while Crypto.com trails closely behind with 645 million USDC tokens in reserves. This shows that these two exchanges have become major players in the stablecoin space, despite current instability within the sector.

Conclusion

In conclusion, despite recent turbulence within the global stablecoin sector it appears that Tether continues to extend its lead as a dominant force within this space – accounting for more than half of all tokens issued so far. With Binance and Crypto.com holding large reserves for multiple tokens, these two exchanges are likely set for further success should conditions improve in future months and years ahead .