A large number of crypto investors have started to redeploy their capital in favor of stablecoins, as the advantage of these instruments is that they are backed by dollars.
The main beneficiary has been Tether (USDT), which has attracted the maximum amount of capital. Its market supply has risen to its highest level since the spring of 2022.
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USDT's dominance rate has reached 65.89%, while a year ago, Tether's share of the stablecoin market was just over 47%.
In contrast, the dominance of the second largest stablecoin, USDC, has plummeted from 34.88% to 23.05% over the past 12 months.
USDT's capitalization exceeds $83 billion, while USDC's supply has declined from $55 billion to $29 billion.