TL;DR
Tether (USDT) sets a new supply record at 86.8 billion, reinforcing its top position in the stablecoin market. With a 22% YoY growth, USDT's market cap reached $86.8 billion. It leads in active addresses and transactions, holding 68.47% of the stablecoin market share. Increased presence on exchanges signals rising investor interest. Tether continues to dominate the stablecoin scene, offering stability and reliability.
Tether (USDT) continues to dominate the stablecoin market, solidifying its position as the leading stablecoin with a new record high supply of over 86.8 billion. This remarkable achievement represents a significant 22% year-over-year growth, showcasing the strong demand for USDT in the cryptocurrency ecosystem.
Just a few weeks ago, Tether surpassed the 84 billion mark on October 22, a milestone that Tether's CEO Paolo Ardoino celebrated through a proud tweet proclaiming "84B USDT." This achievement further highlights the continuous growth and success of USDT in the market.
The continuous expansion in USDT's supply has not only propelled its market capitalization to $86.8 billion at the time of this report, as per data from CoinMarketCap, but it has also reinforced its unrivaled position in the stablecoin arena. In comparison, the second-largest stablecoin, Circle USD (USDC), lags significantly behind with a market cap of $23.98 billion.
USDT's surge in both market cap and supply is a testament to its stronghold in the stablecoin sector. Notably, during the first three quarters of 2023, stablecoins have witnessed a substantial increase in active addresses and transactions, with USDT leading the way with an average of 337,000 daily dynamic addresses and 680,000 daily transactions.
Furthermore, data from the decentralized finance analytics platform DefiLlama highlights USDT's dominance, with the stablecoin holding a substantial 68.47% of the total stablecoin market share. This market share underscores the trust and confidence that users have in USDT as a reliable and widely accepted stablecoin.
In addition to its market cap and supply records, USDT has also experienced a notable increase in presence on cryptocurrency exchanges. Last month, the amount of USDT held on exchanges surged to levels last observed in March 2023, indicating a 40% rise in available USDT since June 13. This significant increase in holdings suggests a growing interest from investors seeking to enter or re-enter the cryptocurrency market. These inflows not only demonstrate the ever-increasing popularity of USDT but also highlight its ongoing appeal to market participants who are strategically positioning themselves to execute buy orders at current or lower price levels.
Overall, Tether's dominance in the stablecoin market continues to grow, driven by its impressive growth in supply, market capitalization, and presence on cryptocurrency exchanges. As the demand for stablecoins and their utility in the crypto ecosystem increases, USDT remains at the forefront, providing stability and reliability to users and investors alike.
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