After experiencing the collapse of algorithmic stablecoins and stricter regulation, the US dollar stablecoin supported by fiat currency reserves has become the biggest winner in the market due to its high transparency and strong compliance, and its dominance has been consolidated. 1. Tether (USDT) has become the core trading pair of mainstream exchanges around the world such as Binance, Ouyi and Huobi with its maximum market value and extensive liquidity.

After experiencing the collapse of algorithmic stablecoins and the strengthening of regulatory scrutiny, the global stablecoin market structure is undergoing profound changes. Investors and users’ requirements for asset transparency and security have been unprecedentedly increased, which has enabled fiat currencies, especially stablecoins pegged to the US dollar, to become the undisputed biggest winners, and their market dominance has been further consolidated.

Mainstream Bitcoin Exchanges in 2025:

Ouyi okx :

Binance binance:

Huobi htx:

The background of market change: from turmoil to seeking stability

The crypto market has witnessed the rise and dramatic collapse of several algorithmic stablecoins in the past few years, the most notable of which is the decoupling incident of TerraUSD (UST). This incident not only led to the evaporation of the market value of 100 billion US dollars, but also seriously shook the market's confidence in complex and opaque stability mechanisms.

The occurrence of such incidents prompted market participants to carry out a collective action of "running to safety". Capital and users are beginning to shift from riskier algorithms or crypto-staked stablecoins on a large scale to those that provide clear and verifiable fiat reserve support. The demand for stable, reliable and easy-to-understand value storage tools has become the core driving force for market change.

Why is the dollar stablecoin the biggest winner

In this market reshuffle, the stablecoin pegged to the US dollar 1:1 quickly stood out with its unique advantages, consolidating its position as the cornerstone of the crypto world.

Transparency and compliance

Top dollar stablecoins, such as USDC and FDUSD, are committed to providing regular reserve certificates and third-party audit reports to show the public that there are sufficient cash and cash equivalents behind them as support. This transparent operation model is in sharp contrast to the previous "black box" mechanism of algorithmic stablecoins, greatly enhancing users' sense of trust.

Strong liquidity and wide application scenarios

The dollar stablecoin is the blood of the entire crypto economy. Whether it is spot trading on centralized exchanges or lending in the field of decentralized finance (DeFi), US dollar stablecoins are the core pricing and trading medium. This ubiquitous integration and huge network effects make it the preferred bridge for users to enter and exit the crypto market.

Risk-avoiding attributes highlight

Against the backdrop of global economic uncertainty and violent fluctuations in the crypto market, assets pegged to the world's major reserve currency, the US dollar, have naturally become investors' first choice for seeking hedge. Converting crypto assets into reliable dollar stablecoins when markets fall has become a standard operation to protect the value of assets.

Mainstream US dollar stablecoins inventory and trading entrance

Here are some of the most mainstream and influential US dollar stablecoins on the market at present, which have excellent liquidity on all major trading platforms.

1. Tether (USDT)

As the largest and oldest stablecoin with market value, USDT is known for its unparalleled liquidity and market depth. Although its reserve transparency has sparked discussion in the past, it remains the world's largest and most widely used stablecoin and the hard currency in the crypto trading world. Almost all mainstream exchanges, including Binance , OKX , Huobi and Gate.io , provide massive USDT trading pairs.

2. USD Coin (USDC)

USDC is known for its high level of compliance and transparency, is issued by Circle and is strictly regulated. Its reserves are composed of cash and short-term U.S. Treasury bonds and are regularly audited by top accounting firms. This makes it the first choice for many institutional investors and individual users who focus on security. USDC has extensive support on mainstream platforms such as Binance and OKX, as well as Coinbase.

3. First Digital USD (FDUSD)

As an emerging force in the stablecoin market, FDUSD has risen rapidly under the strong promotion of Binance and has become a highly-watched compliant stablecoin after BUSD. It is issued by Hong Kong trust company First Digital and also provides proof of reserves, aiming to provide users with a safe, transparent digital dollar option. Currently, its main trading scenarios are concentrated in Binance and are gradually launched on other platforms such as Gate.io.

4. Dai (DAI)

DAI is the leader in decentralized stablecoins, maintaining its peg to the US dollar by over-staking multiple crypto assets. It represents a more decentralized path to implement stablecoin, managed by the MakerDAO community. However, in order to maintain stability, its collateral also contains a large number of centralized stablecoins (such as USDC), which indirectly reflects the dominance of the US dollar stablecoins. DAI can be traded on major decentralized exchanges and mainstream centralized platforms such as OKX , Huobi and Gate.io.

The above is the detailed content of The stablecoin market ushers in major changes, and the US dollar stablecoin becomes the biggest winner. For more information, please follow other related articles on the PHP Chinese website!