This week, the leading stablecoin by market capitalization attained a valuation of $86.51 billion, following a supply surge of 3.6% in the past month. Currently, the Tron network holds approximately 45.82 billion USDT, while the Ethereum blockchain is home to 40.02 billion tethers, with the remainder circulating across various other blockchain platforms.
Tether Supply Jumps 3.6% in 30 Days
The market capitalization of tether (USDT) continues its upward trajectory, now standing at an all-time high. From September 3 to November 9, 2023, the digital asset’s market value increased by 4.36%, with 3.6% of this growth materializing in the last month.
Over a 67-day period, since September 3, the supply has expanded by 3.61 billion tethers. The current market capitalization, at $86.51 billion, is roughly $3.23 billion above the stablecoin’s previous market cap peak, which occurred in April 2022.
In the last 24 hours, amid an upswing in various crypto assets, global trade volume jumped to $139.21 billion. Slightly more than 37% of this volume, equating to $51.57 billion, originated from tether (USDT) trades. The most traded USDT pairs involve USDC, BTC, and ETH, with Binance leading as the top exchange for USDT activity.
The majority of Tether’s supply is on the Tron network, which holds 45.82 billion USDT. The Tron-based USDT makes up 52.96% of all tethers in circulation today. While Ethereum hosts 40.02 billion USDT, Tron’s iteration of the stablecoin has surpassed its Ethereum counterpart in several aspects.
Notably, the ERC20 tether is held in 4,647,426 unique wallets, whereas the Tron version is held in 32,859,339 wallets. Although the ERC20 tether has been transferred 206 million times and has been around for a longer period, Tron-based USDT has amassed 1.38 billion transactions to date.
While USDT also circulates on other blockchains such as Solana and Avalanche, the bulk of its activity is concentrated on the Tron and Ethereum networks. USDT once started on the Omni network but has since discontinued operating on the chain and a bulk of activity shifted onto the Ethereum chain. With Tether issuing an abundance of USDT on Tron and the network’s lower fees, a great deal of users have gravitated to the Tron chain to receive, hold, and send their USDT assets.
What do you think about tether’s market cap roaring to a new all-time high in 2023? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin
