The APAC liquidity map remains concentrated, but is starting to diversify. USDT's identified payment-volume share fell from 98% in early 2025 to 91% in July 2026. For compliance-first stablecoins like RLUSD, relevance will depend on distribution, custody and regulated use.

What happened

In the Asia-Pacific region, USDT's share of identified payment volume declined from 98% in early 2025 to 91% by July 2026. This indicates that the stablecoin market, while still concentrated, is beginning to diversify, with other digital currencies gaining some usage.

Confirmed

Global impact / market context

This shift suggests growing competition in the stablecoin market, which could affect revenue for payment companies and investment strategies. As USDT's dominance slips, alternative stablecoins may attract more users, potentially changing the flow of digital money and affecting related businesses.

Analyst inference

Stablecoins are digital tokens pegged to stable assets like the US dollar, used for payments. USDT's declining share may reflect increased regulatory scrutiny or user preference for more transparent options. This could prompt investors to reassess exposure to stablecoin issuers and related payment platforms.

Analyst inference

What to watch

1. Monitor whether USDT's payment-volume share continues to decline below 91% in coming months. A further drop would confirm the diversification trend, potentially affecting market positions and investment decisions. Confirmed
2. Watch for announcements from stablecoin issuers like RLUSD about partnerships with custodians and regulated platforms. Such deals could boost their adoption and shift the competitive balance, impacting companies and assets tied to digital payments. Proposed
3. Consider how new regulations in Asia-Pacific might shape stablecoin use. Stricter rules could accelerate diversification or reinforce USDT's dominance, influencing capital spending and revenue for payment firms. Analyst inference

Affected assets

• USDT — Tether

Evidence

• x.com