USDT Emerges on Top After Market Volatility, USDC Gains Traction

• USDT led the stablecoin market after the recent market volatility.
• Despite recovery, network growth of all stablecoins declined.
• USDC still captured a large part of the market in terms of volume distribution.

Market Volatility

Recent events surrounding SVB and Circle caused a lot of market volatility for the stablecoin market over the past few weeks. After things settled down, Tether [USDT] emerged as the leader when compared to other stablecoins.

USDT Reigns Supreme

According to CZ’s 21 March tweet, USDT has been making progress in terms of its market cap compared to Binance USD [BUSD] and USD Coin [USDC]. Despite BUSD’s fiat asset backing and regulatory compliance, its growth has stopped while USDT’s status continues to improve despite market volatility.

Minting Increase

A sign of expansion for USDT was also seen in its significant number mintings recently; according to Lookonchain, there have been $1 billion USDT on Tron [TRX] network and $5 billion USDT on Ethereum [ETH] network at press time. This shows that there is a strong demand for the stablecoin, and that its addition will not have any negative impacts on it.

USDC Dominance

Despite this, USDC still managed to capture a large proportion of the volume distribution with 66.1%. This might be due to Circle’s focus on European markets via MiCA regulations which could help with institutional adoption of crypto assets within 48 months from now.


Overall, despite some turbulence in recent weeks, it seems like Tether is leading the way among other stablecoins during this period. The large amount minted by Tether indicates that there is still a high demand for it while USDC’s dominance suggests further potential within European markets due to their MiCA regulations framework