Dominance of Dollar in Crypto Market Wanes as Drawbacks Mount

It is becoming a lot harder for crypto companies to access dollars to buy digital assets as the network of payment providers shrink in the US.

While the greenback and stablecoins with their value pegged to dollars remain the foundation of the crypto market, its dominance has been waning since the collapse of the FTX exchange, according to a report published by blockchain analytics firm Kaiko Monday. Measured by the trading volume of Bitcoin, the market share of dollar-denominated Bitcoin continues to drop, while euro-, Tether-, USDC-denominated Bitcoin trading pairs are gaining traction since November, its data show.

The decline ...