Tether supply is currently approaching an all-time high
USDT, unlike other stablecoins, has increased its supply by over 22% this year.
The amount of Tether (USDT) that is currently available in circulation has approached a record level. Since the beginning of 2023, this stablecoin has increased its supply by over 22%, increasing from 66 billion USDT coins to 81 billion USDT coins at the moment. Currently, this popular cryptocurrency project occupies the third position in terms of market capitalization. It is worth adding at this point that the supply of Tether's closest competition among "stable" digital currencies decreased at the same time.
Tether supply close to record high
The largest of the stablecoins definitely stands out among its competitors, increasing the amount of coins in circulation by over 22% this year. At the stage of January this year, Tether's supply was about 66 billion USDT coins. Currently, this number already exceeds USD 81 billion.
With a market capitalization of over $81 billion, Tether ranks third among all major cryptocurrency projects. Above it is Ethereum (ETH) with a market capitalization of over USD 251 billion and the undisputed king among digital currencies, which is Bitcoin (BTC) with a market value of over USD 587 billion.
According to current statistics, USDT supply has increased by more than 6% in just the last 30 days. In the 24-hour range, the trading volume of this stablecoin amounted to over USD 31.5 billion.
The competition is left behind
Interestingly, since the beginning of 2023, the scale of the stablecoin market has visibly shrunk. Although Tether has taken the opposite trend, digital currencies such as Binance USD (BUSD), USD Coin (USDC), MakerDAO (DAI), or USDD belonging to the Tron project, have reduced their supply.
For example, one of USDT's competitors, currently ranked 5th in the ranking of the largest virtual currencies - USD Coin (USDC), reduced its amount of coins in circulation from over 44 billion it had in January this year to around 31 billion coins today.