Is USDC Losing Its Grip On The Stablecoin Market? 'Macroeconomic Headwinds Are Favoring Tether'
Portfolio Pulse from Murtuza Merchant
The stablecoin market has seen a shift in market share, with Tether (USDT) gaining over 25% to $83.7 billion in the past year, while USD Coin (USDC) has lost over 40% to $25.82 billion. Other stablecoins like Binance USD (BUSD) and Dai (DAI) have also seen a decrease in market share. The only stablecoin to increase its market share is TrueUSD (TUSD). The shift could be due to several factors, including the collapse of TerraUSD (USTC) and the slow response of Silicon Valley Bank to rumors about the reserves backing its USDC. Tether's profitability is getting closer to Blackrock (BLK) due to rising U.S. government bond yields.
August 04, 2023 | 1:57 pm
News sentiment analysis
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POSITIVE IMPACT
TrueUSD's market share has increased, which could lead to a positive impact on its value.
The increase in TrueUSD's market share indicates a growing trust and preference for this stablecoin, which could lead to an increase in its value.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Tether's market share has increased significantly, which could lead to a positive impact on its value.
The increase in Tether's market share indicates a growing trust and preference for this stablecoin, which could lead to an increase in its value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Tether's profitability is getting closer to Blackrock, which could potentially impact Blackrock's position in the market.
While the news does not directly impact Blackrock's stock, the comparison of Tether's profitability to Blackrock could potentially influence investor perception of Blackrock's position in the market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Binance USD's market share has decreased significantly, which could lead to a negative impact on its value.
The decrease in Binance USD's market share indicates a declining trust and preference for this stablecoin, which could lead to a decrease in its value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Dai's market share has decreased slightly, which could lead to a slight negative impact on its value.
The slight decrease in Dai's market share indicates a slight decline in trust and preference for this stablecoin, which could lead to a slight decrease in its value.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
USD Coin's market share has decreased significantly, which could lead to a negative impact on its value.
The decrease in USD Coin's market share indicates a declining trust and preference for this stablecoin, which could lead to a decrease in its value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100