New All-Time High: Tether’s USDT Supply Surpasses 84 Billion
The market supply of the largest stablecoin, Tether (USDT), has soared to a new all-time high, surpassing the just-set milestone of 84 billion.
According to data from crypto market intelligence platform IntoTheBlock, USDT’s circulating supply currently sits at 85.42 billion, representing a 22% year-over-year growth.
USDT Supply Reaches New All-time High
USDT supply hit and surpassed the 84 billion threshold on October 22. This came two months after the leading stablecoin tapped the 83.76 billion mark. Tether’s CEO Paolo Ardoino took the X to celebrate the milestone with a tweet stating, “84B USDT.”
Two weeks later, USDT supply has soared beyond the 85 billion mark. The supply growth has also affected the stablecoin’s market capitalization, bringing it to $85.45 billion at the time of writing, according to data from CoinMarketCap. The second-largest stablecoin, Circle USD (USDC), follows with a distant market cap of $23.98 billion.
As USDT’s market capitalization and supply increase, the asset has maintained its dominance in the stablecoin space. Between Q1 and Q3 2023, stablecoins’ active addresses and transactions grew by 45% and 41%, with USDT leading the pack with an average of 337,000 daily active addresses and 680,000 daily transactions.
Data from the decentralized finance analytics platform DefiLlama also shows that USDT has 68.47% of the total stablecoin market share.
USDT Sees High Inflows on Exchanges
In addition to USDT’s rising market cap, supply, and stable dominance, the asset has also seen a significant surge in its presence on crypto exchanges. Last month, the amount of USDT sitting on exchanges surged to levels last seen in March 2023, signaling a 40% increase in available USDT since June 13.
CryptoPotato reported that the amount of USDT on exchanges rose from 17.6% to roughly 25% as the holdings of the ten largest addresses surged from $7.30 billion to $9.42 billion within three months.
The increase in holdings indicated that a certain cohort of market participants were increasing their positions in USDT, showing growing interest from investors looking to enter or re-enter the crypto market. Such inflows suggest that investors are preparing to execute buy orders at current or lower price levels.
The post New All-Time High: Tether’s USDT Supply Surpasses 84 Billion appeared first on CryptoPotato.
