Tether (USDT) Supply on Exchanges Reaches Seven-Month High
The current amount of Tether (USDT) held on exchanges has reached its highest level since March, according to crypto market indicators. A recent tweet from Santiment, a crypto analytics platform, revealed that available USDT on exchanges has increased by 40% since June 13, 2023.
Increased Buying Power
This surge in available USDT indicates that trader buying power has once again risen. The $9.99 billion worth of USDT on exchanges represents the highest level of buying power for the stablecoin in seven months. It is important to note that approximately $30 billion worth of USDT remains outside of exchanges.
These developments suggest that market players are preparing to execute buy orders at current or lower price levels. As the supply of the stablecoin on exchanges increases, investor confidence grows and the desire to capitalize on current market conditions intensifies. This overall trend demonstrates increasing interest from investors looking to enter or reenter the crypto market.
USDT’s Recent Milestones
Despite challenging market conditions, USDT has achieved significant milestones and witnessed notable developments in recent times. Just a few months ago, the stablecoin reached a new all-time high market capitalization of $83.76 billion.
USDT maintains its position as the largest stablecoin with a market share of approximately 66%. It is supported on various blockchains such as Ethereum, Tron, Solana, and Algorand. However, Tether recently discontinued support for three networks – Omni, SLP, and Kusama – in May.
Last month, Tether announced that it had resumed lending out USDT to customers.
Hot Take: USDT’s Growing Influence and Resilience
Despite market fluctuations, Tether’s USDT has proven its ability to maintain stability and adapt to changing circumstances. The increased supply of USDT on exchanges indicates a growing interest from investors, highlighting the appeal of this stablecoin in uncertain times. As Tether continues to achieve new milestones and expand its presence on various blockchains, it solidifies its position as a dominant force in the crypto market.
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