$USDC
Stablecoin Landscape on Ethereum: Tether Maintains Dominance, USDC a Strong Contender
Tether (USDT) continues to hold a significant position among stablecoins circulating on the Ethereum network, although its market capitalization and precise market share fluctuate based on real-time market conditions. While a previously cited figure put USDT's market share on Ethereum at around 52% with a capitalization of $64.7 billion, recent data from various sources indicates a higher overall market capitalization for USDT across all chains, and its capitalization specifically on Ethereum remains substantial.
Current data suggests Tether's total market capitalization is considerably higher than $64.7 billion, often reported in the range of $140-$150 billion. A significant portion of this supply is indeed on the Ethereum network, making it the largest stablecoin by market cap on Ethereum.
USD Coin (USDC) remains the second-largest stablecoin on the Ethereum network, also with a significant market capitalization. Recent figures place USDC's total market cap in the range of $60-$62 billion. Similar to USDT, a large portion of this supply resides on Ethereum.
While pinpointing an exact, universally agreed-upon real-time market share percentage specifically for the Ethereum network across all stablecoins can be dynamic and depends on the data source and methodology, the available market capitalization figures clearly indicate that Tether holds the dominant position on Ethereum, with USDC as its closest competitor with a substantial, albeit smaller, presence. The combined market capitalization of USDT and USDC on Ethereum represents a significant majority of the stablecoin value on the network.