Amidst the increasing market capitalization and supply of USDT, this stablecoin consistently upholds its dominant position.
The largest stablecoin, Tether (USDT), has reached an unprecedented high in its market supply, exceeding the recently achieved milestone of 84 billion.
According to information from the crypto market intelligence platform IntoTheBlock, the circulating supply of USDT now stands at 85.42 billion, showcasing a remarkable year-over-year growth of 22%.
Tether (USDT) Achieves Record-Breaking Supply Levels
On October 22, the USDT supply reached and exceeded 84 billion, marking this achievement just two months after it reached 83.76 billion. Tether’s CEO, Paolo Ardoino, celebrated this milestone with a tweet that simply read, “84B USDT.”
Fast forward two weeks, and the USDT supply has now surpassed 85 billion. This growth in supply has also had an impact on the stablecoin’s market capitalization, which currently stands at $85.45 billion, according to data from CoinMarketCap. In comparison, the second-largest stablecoin, Circle USD (USDC), has a considerably lower market capitalization of $23.98 billion.
As USDT’s market capitalization and supply continue to expand, it maintains its dominant position within the stablecoin sector. Notably, between Q1 and Q3 of 2023, stablecoins have seen a 45% growth in active addresses and a 41% increase in transactions, with Tether leading the way with an average of 337,000 daily active addresses and 680,000 daily transactions.
According to data from the decentralized finance analytics platform DefiLlama, Tether accounts have a substantial 68.47% share of the overall stablecoin market.
USDT Witnesses Significant Influx on Cryptocurrency Exchanges
Apart from the continuous growth in USDT’s market capitalization, supply, and dominant position, the asset has also witnessed a substantial surge in its presence on cryptocurrency exchanges. In the previous month, the amount of USDT held on exchanges reached levels last observed in March 2023, indicating a 40% increase in available USDT since June 13.
As reported, the amount of USDT on exchanges has risen from 17.6% to approximately 25%. This increase in holdings is attributed to the ten largest addresses, which saw their total holdings grow from $7.30 billion to $9.42 billion over the span of three months.
The uptick in holdings suggests that a specific group of market participants is increasing their positions in Tether, reflecting a growing interest from investors who are considering entering or re-entering the cryptocurrency market. These inflows imply that investors are gearing up to execute buy orders at current or even lower price levels.
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