Since January 2023, the number of tether stablecoins in circulation has increased from 66 billion to the current 80.9 billion, representing a growth of more than 22% this year. Tether’s growth is nearing the high of $83 billion in stablecoins in circulation that the project saw nearly a year ago, in May 2022.
Tether supply nears all-time high
The stablecoin market has recently hired and is currently around $131.94 billion. The decline in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the past month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen a 18.9% reduction in supply. Additionally, Makerdao DAI has seen a 9.8% supply decline, and Tron USDD supply has declined 1.3% in the past month.
tether (USDT), on the contrary, has increased its offer by more than 22% this year, going from 66 billion tethers in January to the present 80.93 billion. Approximately 6.3% of USDTThe growth of was registered only during the last 30 days, according to the statistics. Tether’s market capitalization is the third largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion value. Additionally, tether accounts for $29 billion of the current $52.2 billion in 24-hour global transactions as of Monday, April 17, 2023.
With a trade volume of around $29 billion in 24 hours, connection trades account for 55.56% of every trade settled over the past 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 USDTThe market valuation of exceeded 83,000 million dollars. The lowest drop in valuation after that time was $65 billion in November 2022.
According data From coincarp.com, the ERC20 version of tether built on Ethereum has 4,266,498 unique holders, with 37.3% controlled by the top 100 wallets. The bond coined in Arbitrum has 276,383 unique holders and 10 portfolios have 49.15%. The peg coined in Solana, however, is a different story, with 480,388 holders, and the top ten holdings only 2.16%. Tether is also issued on several other blockchains, including Polygon, Tron, and others, but most are stored on the Ethereum chain.
What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts in the comments section below.
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