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
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
“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
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