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The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $21,523.81 and BTC market dominance is %. The price of Ethereum is $1,762.96 and ETH market dominance is %. The best performing cryptoasset sector is Education, which gained 14%.
The Right Place to Buy, Earn, Exchange and Borrow against Your Crypto.
Today, the stablecoin market is worth a combined $153 billion, with the two most prominent players still $USDT and $USDC.
Cover art/illustration via CryptoSlate
Since the Terra Luna crisis earlier this year, there has been a shake-up in the stablecoin ecosystem.
At the time of its collapse, TerraUSD (UST) had a market cap of just over $18 billion, which was washed away almost overnight.
Terra’s UST gained market share rapidly between November 2021 and May 2022 before losing its peg. At the time of Terra’s nose dive, UST was the third-largest stablecoin by market cap behind Tether(USDT) and Circle’s USD Coin (USDC).
USDT was the clear front runner with almost double the market cap of USDC. The combined market cap of the stablecoin industry was more than $170 billion at this time.
Today, the stablecoin market is worth a combined $153 billion, with the two most prominent players still USDT and USDC. However, the gap between the premier tokens has closed considerably, as seen in the graph below. The chart portrays the dominance of each token across the entire crypto market. Together, USDC and USDT make up roughly 12% of the total crypto market cap.
Tether has lost over $16 billion in market cap since May, while USDC has grown by $4 billion. In terms of market dominance, both peaked in June before reaching a local low at the start of August.
However, over the past few weeks, both tokens have started to see a resurgence in overall crypto market dominance while their market caps have remained stable. A weakening market alongside steady issuance from the lead stablecoins has boosted their combined dominance by 40%.
Throughout this time, numerous stories have affected the circulating supply of both tokens. Tether continues to fight claims of insolvency, improper audits, and a misleading treasury. At the same time, Circle has had to combat criticism for their decision to “blacklist” any address connected to Tornado Cash.
On Wednesday, Circle announced a partnership with Bybit to “help accelerate the growth of Bybit as a gateway for retail and institutional USDC-settled products,” according to the press release.
Derivative contracts such as options and futures are primarily settled in USDT, so the move to enable $USDC-settled options is an aggressive move for Circle to attempt to close the gap with Tether further. 
Jeremy Allaire, co-founder and CEO of Circle, stated, “we are thrilled to have Bybit onboard as a partner in our efforts to promote greater access and adoption for USDC.” 
Stablecoins have also been leaving exchanges rapidly over the past couple of weeks, which rarely happens during bull markets but is common during crypto winter.
Will USDC flip USDT, or can Binance USD (BUSD) come from behind to challenge both? BUSD currently has a market cap of $19 billion but is growing faster than the top two.
Also known as Akiba, Liam is a journalist and editor of Blocklight at CryptoSlate. He believes that decentralized ledger technology has the potential to make widespread positive change. He predicts the next 10 years will bring in a dawn of a new age of technological innovation.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Learn more
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium. Learn More
TerraUSD is a native Terra stablecoin pegged to the US Dollar.. Learn More
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Learn More
BUSD is a stablecoin issued by Paxos in partnership with Binance.. Learn More
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets. Learn More
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Learn More
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