Tether strengthens its dominance in the stablecoin market, but pressure from competitors increases

A study by the Nansen analytical platform recorded that Tether continues to hold a leading position among stablecoin issuers. USDT accounts for about 66% of the total market, while its closest competitor, Circle's USDC, covers about 28%. Newcomer Ethena Labs with their USDe is currently limited to 2%, but demonstrates the most aggressive growth dynamics among all participants in the sector.

Over the past six months, USDe's market capitalization has grown more than 20 times. Such rapid expansion was made possible by an unconventional yield model: token holders are credited with real income (Real Yield) through derivatives trading. USDe currently has an estimated annual yield of around 19%, making it particularly attractive to DeFi protocols, hedge funds, and CEX platforms that work with institutional clients.

Tether, in turn, has been showing stable and predictable growth. The company's annual profit in 2025 is estimated to approach $14 billion. The main contribution comes from interest income from reserves placed in short-term US Treasury bonds and other highly liquid instruments. This strategy has repeatedly allowed Tether to go through periods of market volatility without losing the trust of users and counterparties.

In parallel with the growth of market indicators, discussions around the regulatory framework are intensifying. In the United States, the struggle continues between supporters of a strict banking model for issuing stablecoins and those who defend the right of specialized fintech companies to participate in the issuance of digital assets. In a recent speech, Custodia Bank founder Caitlin Long emphasized that current regulations create artificial barriers to innovation, while priority should be given to the quality of reserves and the degree of openness to consumers, rather than the form of the license.

Today, stablecoins are becoming a cornerstone of the digital financial infrastructure: from international transfers and settlements on the blockchain to providing liquidity in trading and Web3 products. The sector has already moved beyond its original function as a “digital dollar” and has become a field of strategic competition between global corporations, banks and tech startups, and although Tether has not yet shown signs of vulnerability, the changing landscape and the influx of capital into alternative issuance models may eventually lead to a redistribution of market shares.