Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.
Tether Supply Is Nearing Its All-Time High
The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply. Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.
A view of tether’s (USDT) market capitalization growth since 2015. The current number of USDT (80.93B) is nearing the supply’s all-time high recorded last May ($83B).
Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion. Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics. Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.
With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion. The lowest drop in valuation after that point in time was $65 billion in November 2022.
According to data from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.
By Jamie Redman | Original Link