Tether’s USDT and Circle’s USDC, long dominant players in the stablecoin sector, are witnessing a decline in their market share. This shift is due to the entry of new stablecoins and regulatory changes, signaling potential upheaval in the industry. 83% dominance by Tether and Circle has fallen from its peak in March 2024, with data revealing growing influence from competing stablecoins. New players offer attractive features like yield-bearing models, challenging the traditional leaders’ grip on the market. This is further compounded by major banks exploring participation in the stablecoin market through consortia, a move that could reshape the industry significantly.