Despite dominating stablecoin inflows, Tether’s USDt and Circle’s USDC have slowly lost market share, signaling the end of the “stablecoin duopoly.” Tether’s USDt and Circle’s USDC, the two largest stablecoins by market capitalization, have slowly lost market share in the past year, suggesting a major shift in the stablecoin landscape. Despite Tether’s USDt (USDT) and Circle’s USDC (USDC) steadily increasing their market caps, the stablecoins have lost more than 5% of their combined market share since Oct. 2, 2024, according to data from DefiLlama and CoinGecko. Nic Carter, industry analyst and Castle Island Ventures partner, took to X on Wednesday to address the decline of USDT and USDC dominance in a post titled “The stablecoin duopoly is ending.” Read more
Tether is estimated to be the crypto company closest to rivaling OpenAI’s $500 billion valuation, far ahead of Coinbase, Ripple and Circle. Artificial intelligence company OpenAI has become the world’s largest startup after reaching a $500 billion valuation in a secondary share sale. Citing anonymous sources, Bloomberg reported on Thursday that current and former OpenAI employees sold $6.6 billion in stock to investors including Thrive Capital, SoftBank Group Corp., Dragoneer Investment Group, Abu Dhabi’s MGX and T.Rowe Price. The investment round boosted OpenAI's valuation to $500 billion, leapfrogging Elon Musk’s startup SpaceX, which has a market capitalization of about $400 billion. The company also dwarfed startups ByteDance and Anthropic, which are valued at $220 billion and $183 billion, respectively. Read more