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I just checked today's metrics and the stablecoin market has already surpassed $313 billion. The interesting thing is that Sky's USDS is gaining ground quite rapidly, increasing more than the rest this week. Tether continues to dominate with nearly $190 billion, but its market share has already fallen below 60%, so the competition among fiat currency issuers is really heating up.
USDS is now at $11.5 billion and USDC at $77.9 billion. What catches attention is that other projects like Ethena's USDe and USD1 are also gaining traction, although more slowly. It seems traders are looking for more options of dollar-pegged fiat currency for platform-to-platform movements.
With so much capital entering every week, the battle to dominate this space won't stop anytime soon. The stablecoin sector remains the liquidity engine we all need.