Tether (USDT) Supply Reaches New All-Time High of 85.42 Billion
The supply of Tether (USDT), the largest stablecoin in the market, has reached a new record high of 85.42 billion, marking a 22% year-over-year growth. This milestone comes just two months after USDT surpassed the 84 billion mark. Paolo Ardoino, CEO of Tether, celebrated the achievement with a tweet stating “84B USDT”. The surge in supply has also boosted USDT’s market capitalization to $85.45 billion, far ahead of its closest competitor Circle USD (USDC) with a market cap of $23.98 billion.
USDT Maintains Dominance in Stablecoin Space
Despite increasing competition, USDT continues to dominate the stablecoin market. Between Q1 and Q3 2023, stablecoins experienced significant growth in active addresses and transactions, with USDT leading the way with an average of 337,000 daily active addresses and 680,000 daily transactions. In fact, USDT currently holds 68.47% of the total stablecoin market share, according to data from DefiLlama.
Surge in USDT Holdings on Exchanges
In addition to its market cap and dominance, USDT has witnessed a notable increase in its presence on crypto exchanges. The amount of USDT held on exchanges reached levels not seen since March 2023, indicating a 40% surge in available USDT since June 13. This rise suggests growing interest from investors looking to enter or re-enter the crypto market, as they increase their positions in USDT in preparation for potential buy orders at current or lower price levels.
Hot Take: Tether Continues to Expand and Dominate the Stablecoin Market
With its supply reaching a new all-time high and market dominance remaining strong, Tether (USDT) continues to solidify its position as the leading stablecoin in the cryptocurrency market. The surge in supply and market capitalization showcases the growing demand for USDT, while its presence on exchanges indicates increasing interest from investors. As the stablecoin space continues to evolve, it will be interesting to see how USDT maintains its position and adapts to the changing crypto landscape.
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