Tether Stablecoin Market Capitalization Rebounds in September
In August, the market capitalization of Tether stablecoin (USDT) experienced a slight decline. By early August, the market capitalization reached a high of $83.9 billion, marking an all-time high for the stablecoin. However, it began to fall gradually as the crypto market experienced a sluggish phase. Despite a brief spike in volatility in mid-August, the decline in USDT’s market capitalization continued. Throughout the month, even as Bitcoin’s price fluctuated, the market capitalization remained below $82.9 billion. However, in September, there has been a recovery. Although Bitcoin’s price has not shown significant movement, Tether’s market capitalization has returned above $82.9 billion and even surpassed $83 billion. While this represents a small change, it is only 1% below the all-time high in August.
Other Stablecoins and Their Decline
While Tether’s market capitalization has rebounded, other stablecoins have not experienced the same recovery. USD Coin (USDC), DAI, and TrueUSD (TUSD) are the major stablecoins, but their market capitalizations are significantly lower than Tether’s. USDC currently has a capitalization of around $26 billion, DAI is at 5.3, and TUSD is at 3.2. Another stablecoin, FDUSD, has a market capitalization of less than $0.4 billion. USD Coin, in particular, had a decline starting in March due to a loss of trust caused by a failed bank holding some of its dollar reserves. However, in September, there has been a slight upward trend in the total capitalization of all stablecoins after months of decline.
Hot Take: Tether Stablecoin Market Capitalization Recovers, Other Stablecoins Lag Behind
Tether stablecoin (USDT) has seen a rebound in its market capitalization in September, reaching levels close to its all-time high in August. This recovery comes after a slight decline in August, while other stablecoins continue to struggle. USD Coin (USDC), DAI, and TrueUSD (TUSD) have not experienced the same recovery as Tether, with their market capitalizations significantly lower. The decline in USDC, in particular, was caused by a loss of trust due to a failed bank holding its dollar reserves. While Tether remains the dominant stablecoin with a market capitalization greater than the sum of all other stablecoins combined, there is a slight upward trend in the total capitalization of stablecoins in September. As the crypto market continues to evolve, Tether’s position and influence in the stablecoin market remain strong.
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