Oh, the titans of the stablecoin realm-Tether’s USDT and Circle’s USDC-now find their dominion waning like autumn leaves in the wind. A slow dance towards obsolescence, or perhaps a grand masquerade? 🪨
Though Tether’s USDT and Circle’s USDC have seen their market caps swell, the tides of dominance have begun to ebb, leaving behind a landscape of shifting sands. Five percent lost, a whisper of rebellion in the crypto cosmos. 🌍
Nic Carter, that sly fox of the industry, took to X with a post titled “The stablecoin duopoly is ending.” A prophecy? A warning? Or merely the ramblings of a man too deep in the algorithmic abyss? 🧠
Carter claims new issuers will undercut the giants, while banks, those cautious titans, prepare to storm the gates. A race to the bottom? Or a sprint to the stars? 🚀
USDT and USDC share peaked at 91.6% in 2024
Remember when USDT and USDC ruled with an iron fist, their combined might a fortress? March 2024, when the stablecoin market was a gilded empire worth $140 billion. Now, a shadow of its former self. 🏰
Back then, USDT’s empire stretched to $99 billion, USDC’s to $29 billion-a duopoly so absolute, it felt eternal. But even empires crumble, don’t they? 🕳️
“It has however fallen to 86% since its peak last year,” Carter sighs, as if mourning a lost love. “And I believe it will keep falling,” he adds, like a prophet with a side of existential dread. 🧙♂️
“The reasons are new assertiveness by intermediaries, a race to the bottom with yield, and new regulatory dynamics post-GENIUS.”
According to DefiLlama and CoinGecko, the duo’s share now hovers at 83.6%-a 5.4% drop since October. A 3.4% year-to-date decline. Such numbers, so… human. 😂
Ethena’s USDe is the “biggest success story”
Carter, ever the optimist, points to Ethena’s USDe as the “biggest success story.” A crypto phoenix rising from the ashes of yield-bearing ambitions. 🦉
“I think it’s also worth paying attention to emerging names like Ondo’s USDY,” he says, as if curating a list of potential successors to the throne. “And Agora’s AUSD, of course.” 🎩
These new coins, they promise yields, passive income, the sweet nectar of lazy wealth. A modern alchemy, if you will. 🧪
“Ethena’s USDe, which passes along the yield from crypto basis trade, is the biggest success story of the year,” he declares, as if announcing the birth of a new god. “Surging to a $14.7 billion supply!” 📈
Despite the GENIUS Act’s attempts to curb yield-bearing stablecoins, the trend marches on. A rebellion against regulation, or just the natural order? 🕊️
“Newer startups will be able to undercut the major issuers on yield and create a race to the bottom (or realistically, the top) phenomenon,” Carter warns, like a man who’s seen too many endings. 🚨
Bank stablecoin consortia to rival Tether
Carter whispers of banks, those old guard of finance, joining the stablecoin fray. “For one reason or another,” he says, as if banking is a game of chance. 🃏
He mentions JPMorgan and Citigroup’s collaboration, a union that “makes by far the most sense.” A consortium of titans, perhaps? Or just a desperate bid to stay relevant? 🏦
European banks, too, are dipping their toes into the crypto waters. ING and UniCredit, joined by seven more, plan a euro-denominated stablecoin. Compliance? A mere footnote. 🇪🇺
Issued in 2026, it’s a promise of stability-or a mirage in the desert of financial innovation. 🌵
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2025-10-02 15:23