The stable cryptocurrency Tether (USDT) is gradually losing its market share due to increased competition. While USDT continues to lead the stablecoin market, its share of centralized exchanges has declined from 82% to 69% year-to-date. This is due to increased competition from stablecoins such as FDUSD and USDC. In addition, innovative alternatives such as USDe from Ethena are growing in popularity.