Tether’s market capitalization regains dominance of 65% of stablecoins and is about to reach almost a billion dollars.
Tether’s market capitalization is about to reach almost a billion dollars and thus it would touch a new all-time high. This stablecoin managed to regain importance in the midst of the current banking crisis and the repression of cryptocurrencies in the United States.
The circulating market valuation of this stablecoin reached nearly $81 billion, just 1.5% below its all-time high of $82.29 billion a year ago. In this way, it grew by 20% so far this year and is about to reach new all-time highs.
These data go against what happened with other stable cryptocurrencies. For example, USD Coin lost more than 25% over the year to $31.82 billion. For his part, BUSD had a 60% drop in market capitalization in 2023 to $6.68 billion.
The growth in Tether’s capitalization is also running counter to stablecoin holdings by exchanges. There are currently 12.94 billion USDT in its reserves, up from 17.89 billion USDT at the beginning of the year.
On the whole, stablecoin supply on exchanges plunged 42% to $21.53 billion.
Tether is a stablecoin or stable coin, although at the same time it is also a cryptocurrency. What differentiates this digital currency from other currencies, such as bitcoin or ethereum, is that its mission is to replicate the price of the dollar, which means that one USDT, the name of the token, will always be equivalent to one dollar.
It is considered the largest stable cryptocurrency issued in the market. In addition, it is based on the stable value currency of the United States dollar (USD), with a 1:1 ratio. That is, 1 USDT = 1 US dollar. USDT can easily be exchanged for USD at any time.
Source: Ambito
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