Amid the current tightening global oversight and a growing appetite for transparency in the crypto world, Tether’s position as the leading stablecoin issuer in the sector is at risk from new and rising stablecoins.

Fading Dominance Of The Stablecoin Issuer

SMQKE, an observer and researcher, shared a report that shows that the firm could lose its robust grip in the stablecoin sector. According to the researcher, the leading stablecoin issuer “will lose market dominance to regulated stablecoins like the RLUSD in the future.”

Presently, global regulations are being made that focus on the intersection of digital assets and traditional finance. One of the assets that fits nicely into these regulations is Circle’s USDC, which has won approval from the Markets in Crypto-Assets Regulation (MiCA).

However, Tether’s USDT appears to be evading regulators’ demands for transparency in the way it operates its underlying assets. As a result, regulated stablecoins will continue to overtake USDT as the market leader in the future. “Only time will tell whether Tether will continue to leak market share to rivals or continue to hold sway with cryptocurrency fans,” the report stated.

Stablecoins such as USDP, PYUSD, USDG, and RLUSD steadily challenge USDT’s dominance as they reflect stronger institut

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Author: Godspower Owie