Part 8/9:
As a result, multiple stable coins coexist, each tailored to specific purposes and jurisdictions.
Dominance of US Dollar Pegged Stable Coins
Despite the variety, two stable coins dominate the landscape—Tether (USDT) and USD Coin (USDC)—which together constitute around 90% of all circulating stable coins. They both aim to maintain a $1 peg but operate very differently. USDT has faced scrutiny over transparency and audits, whereas USDC emphasizes full independence and full reserve audits, aligning more closely with regulatory compliance.
The upcoming comparison will delve deeper into these two giants, highlighting their operational differences, backing mechanisms, and which might be better suited for different use cases.