PANews reported on October 2nd that Castle Island Ventures partner Nic Carter published an article on the X platform today, stating that the "duopoly" in the stablecoin market is coming to an end. DefiLlama data shows that although the market capitalization of Tether (USDT) and Circle (USDC) continues to grow, their combined market share has declined from a peak of 91.6% in March 2024 to approximately 84% currently. Carter believes that the main reason for the decline in market share is competition from emerging stablecoins, especially the rise of interest-bearing stablecoins. He called Ethena's USDe "the biggest success story of the year," with its supply soaring to $14.7 billion. Carter also predicts that as regulatory frameworks in the US, Europe, and elsewhere become clearer (e.g., the GENIUS Act and MiCA), banks and traditional financial institutions will inevitably enter the stablecoin market. He believes that a consortium of multiple banks will be best positioned to create a stablecoin that can compete with Tether.PANews reported on October 2nd that Castle Island Ventures partner Nic Carter published an article on the X platform today, stating that the "duopoly" in the stablecoin market is coming to an end. DefiLlama data shows that although the market capitalization of Tether (USDT) and Circle (USDC) continues to grow, their combined market share has declined from a peak of 91.6% in March 2024 to approximately 84% currently. Carter believes that the main reason for the decline in market share is competition from emerging stablecoins, especially the rise of interest-bearing stablecoins. He called Ethena's USDe "the biggest success story of the year," with its supply soaring to $14.7 billion. Carter also predicts that as regulatory frameworks in the US, Europe, and elsewhere become clearer (e.g., the GENIUS Act and MiCA), banks and traditional financial institutions will inevitably enter the stablecoin market. He believes that a consortium of multiple banks will be best positioned to create a stablecoin that can compete with Tether.

The stablecoin duopoly is coming to an end, with USDT and USDC's combined market share falling to 84%.

2025/10/02 20:19

PANews reported on October 2nd that Castle Island Ventures partner Nic Carter published an article on the X platform today, stating that the "duopoly" in the stablecoin market is coming to an end. DefiLlama data shows that although the market capitalization of Tether (USDT) and Circle (USDC) continues to grow, their combined market share has declined from a peak of 91.6% in March 2024 to approximately 84% currently.

Carter believes that the main reason for the decline in market share is competition from emerging stablecoins, especially the rise of interest-bearing stablecoins. He called Ethena's USDe "the biggest success story of the year," with its supply soaring to $14.7 billion.

Carter also predicts that as regulatory frameworks in the US, Europe, and elsewhere become clearer (e.g., the GENIUS Act and MiCA), banks and traditional financial institutions will inevitably enter the stablecoin market. He believes that a consortium of multiple banks will be best positioned to create a stablecoin that can compete with Tether.

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