Tether’s Supply Surges by 3.6%
The market capitalization of Tether (USDT) has reached an all-time high, with a valuation of $86.51 billion following a supply surge of 3.6% in the past month. This increase in value has been ongoing since September 3, 2023, with the digital asset’s market value rising by 4.36%.
Over a 67-day period, the supply of Tether has expanded by 3.61 billion tethers, with the current market capitalization being roughly $3.23 billion above the stablecoin’s previous peak in April 2022.
Global Trade Volume and Most Traded Pairs
Within the last 24 hours, global trade volume surged to $139.21 billion, with over 37% of this volume originating from Tether (USDT) trades, totaling $51.57 billion. The most traded USDT pairs involve USDC, BTC, and ETH, with Binance leading as the top exchange for USDT activity.
Distribution Across Blockchains
The majority of Tether’s supply is on the Tron network, holding approximately 45.82 billion USDT, making up almost 53% of all tethers in circulation today. Additionally, Ethereum hosts 40.02 billion USDT. Notably, the ERC20 tether is held in 4,647,426 unique wallets, whereas the Tron version is held in 32,859,339 wallets.
Tether’s Dominance and Activity on Various Blockchains
While USDT also circulates on other blockchains such as Solana and Avalanche, most of its activity is concentrated on the Tron and Ethereum networks. Tether once operated on the Omni network but has since discontinued and shifted a bulk of its activity onto the Ethereum chain. With Tether issuing an abundance of USDT on Tron and its lower fees, many users have gravitated to the Tron chain for their USDT assets.
Hot Take: Tether’s Growing Influence in the Crypto Market
Tether’s recent surge in supply and market capitalization indicates its growing influence in the cryptocurrency market as it continues to dominate trading volumes and expand across various blockchain platforms.
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