Tether Gains 1,500% Market Cap in 500 Days - USDT Stablecoin Market Reaches $70 Billion

 Tether Gains 1,500% Market Cap in 500 Days - USDT Stablecoin Market Reaches $70 Billion

The stablecoin giant tether is by far the largest dollar-pegged crypto asset in the crypto economy, and today, the number of tethers in circulation is close to $70 billion. 90 days ago on June 12, 2021, the number of tethers in circulation was around 63 billion tokens and the supply has increased by 9.99% since then.



Circulating Tether Economy Reaches $70 Billion, 1 Billion Tether Mined on Solana

The largest stablecoin right now, in terms of market valuation, is tether (USDT), and as of Friday, September 10, USDT's market cap was $69.3 billion, according to the website transparent balance. of the company .

This number is similar to most crypto market aggregators that tally the value of each crypto market. Below the market valuation of USDT is usd coin (USDC) with $29 billion and the Binance dollar-pegged token is BUSD with $12.4 billion.

Top four stablecoins by market valuation as of September 10, 2021.

According to the USDT transparency page, the token is issued on several blockchains, and in recent times the coin has been released on Solana. The transparency page notes that tethers exist on Ethereum, EOS, Algorand, Liquid, Tron, Omni Layer, Bitcoin Cash, and Solana. Tether will reportedly reside on the Avalanche (AVAX) network as well.

On ETH there is $33.8 billion authorized while Solana has $1.1 billion authorized so far. 90 days ago, USDT in circulation was around 63 billion and now there are more than 70 billion tethers circulating throughout the crypto economy.



50% of crypto transactions today are swapped in Tether

According to Coingecko statistical data, tether (USDT) exists on 392 exchanges worldwide. Cryptocompare.com figures show that when paired with bitcoin (BTC) Tether (USDT) represented 58.29% of all transactions on Friday.

Market capitalization of Tether from 2015 to present.

48.50% of ethereum (ETH) transactions are swapped in tether, and stablecoins account for 62.03% of cardano (ADA) trading market share. Aggregation sites show that of the $160 billion in global crypto trade on Friday, tether accounted for $80.5 billion of that volume.

Other stablecoins that have seen a notable increase in issuance include terrausd (UST), trueusd (TUSD), neutrino usd (USDN), and frax (FRAX). Nothing has increased in circulation as much as Tether as the market capitalization of USDT on Friday, March 27, 2020 was just over $4.2 billion in value and in 532 days increased 1,549.9%.

What do you think about tether's market cap growth approaching $70 billion today? Let us know what you think about this topic in the comments section below.


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