Golden Finance reported that over the past year, USDC's market share has fallen from 34.88% to 23.05%, and its market value has fallen from a peak of $55 billion to $29 billion. BUSD's market share plummeted from 11.68% to 4.18%, while Dai maintained its participation rate at 3.66%, down from 4.05% in May 2022. USDT, on the other hand, has moved in the opposite direction, with its stablecoin market dominance rising to 65.89% from 47.04% a year ago. Its market value has soared to $83.1 billion. In a recent interview with Bloomberg, Circle CEO Jeremy Allaire attributed the decline in the stablecoin market value to the crackdown on cryptocurrencies by U.S. regulators. The current environment in the United States seems to be favorable for Tether.