With increased crypto adoption and widespread use globally, stablecoins have emerged as favorites among investors and as a store of value for many crypto users.
According to Kaiko’s report, Tether’s market share is continually declining. It was also found that USDT’s market share on Centralized Exchanges dropped from 82% to 74% in 2024. Major investors, especially institutional ones, are slowly shifting to legally accepted stablecoins to ensure they comply with operational requirements, especially in the European Union.With higher trade in major crypto exchange platforms such as OKX, Binance, and Bybit, USDC has become a serious competitor to Tether. Furthermore, MICA approval of CIRCLE has significantly boosted USDC’s market share and trading volume.shared on X, USDC is outpacing Tether regarding flexibility and accessibility.
With MICA’s requirements into effect, exchange platforms such as Kraken might be pushed to reconsider their position on stablecoins like Tether. These regulations have concerned major players about their EU operations, even for approved stablecoins.