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USDT tether supply reaches $80 billion for the first time in nearly a year

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USDT tether supply reaches $80 billion for the first time in nearly a year


According to the data compiled by Vipkhoone, Tether’s $25.05 billion in 24-hour trading volume is six times that of its closest rival.

The USDT supply of Tether reached $83.13 billion earlier today, its all-time high, for the first time in 11 months.

From $66.2 billion at the beginning of the year, USDT’s supply increased by almost $14 billion in less than 100 days in 2023.

This development concretes USDT’s market strength among dollar-fixed stablecoins. USDT makes up roughly 61% of the market’s stablecoins, according to CryptoSlate’s data.

In addition, CryptoSlate’s data revealed that Tether’s $25.05 billion in 24-hour trading volume is six times that of USD Coin (USDC), its closest rival.

According to DeFillama data, Justin Sun’s Tron blockchain issued more than half of Tether’s total supply.




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Tether owes growth to competitors’ troubles

Tether’s expansion has occurred concurrently with USDC’s (BUSD) and USDC’s (USDC) banking and regulatory issues.

Despite the fact that BUSD was the stablecoin with the fastest growth rate last year, a significant withdrawal has occurred due to recent regulatory issues involving Binance and its issuer, Paxos.

Paxos was directed by the New York Department of Financial Services (NYDFS) to stop minting additional BUSD coins in February. The U.S. Commodity Futures Trading Commission (CFTC) would later sue Binance for alleged regulatory violations.

These occurrences saw BUSD supply drop to $7.1 billion from a pinnacle of $22 billion in November 2022.

In contrast, USDC’s problems began in March when it was revealed that it was affected by the banking crisis in the United States. Circle, the coin’s issuer, claimed that a portion of the stablecoin’s reserves were held at the failed crypto-friendly Silicon Valley Bank.

The news caused USDC to temporarily depeg to as low as $0.87 before it later recovered its peg. However, the stablecoin’s steady decline in circulation over the past month has maintained investors’ low confidence in it.

In a note to clients dated April 6, Markus Thielin, Matrixport’s head of research, made this point clear. Thielin declared:

“It would appear that holders of USDC either converted their Circle stablecoin into Tether’s USDT or that they simply sold $10 billion of USDC and bought bitcoin instead.”

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