In 2024, tether USDT’s market share on centralized exchanges (CEXs) dropped from 82% to 74% per Kaiko’s estimates. Even with several high-profile collapses and de-pegging events in recent years, stablecoins have continued to capture market share from fiat, reflecting strong demand increasingly. Although the stablecoin market is still highly concentrated, with Tether’s USDT at the
