At a time when USDT has reached its ATH market cap, its competitors such as Circle-issued USD Coin or Binance’s BUSD are struggling to maintain their market dominance. USDC the second largest stablecoin’s market cap stands at $28.8 billion with a difference of over $50 billion. For context, at one point UDC's market dominance was nearing that of USDT and its market cap reached an ATH of $55.8 billion in June 2022.
Similarly for USDC, the major crisis came in the form of the collapse of the Silicon Valley Bank where the. This led to market panic and a subsequent depegging from the U.S. dollar. Although USDC re-pegged the next day it took a significant toll on its market cap as many converted their USDC to other stablecoins in fear of a total crash.
.cz_binance said BUSD, a fully regulated stablecoin, was “capped” by the New York Department of Financial Services (NYDFS) at $23 billion and currently sits at a $5 billion market cap, and since then, USDT has seen tremendous growth.
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