The circulating supply of the leading stablecoin, Tether (USDT), has reached a record-breaking level, surpassing the recently established milestone of 84 billion. Data from the crypto market intelligence platform IntoTheBlock reveals that the current USDT supply stands at 85.42 billion, marking a 22% year-over-year increase.
The supply of USDT (Tether) reached and surpassed the milestone of 84 billion,
marking a new all-time high. This achievement followed just two months after the stablecoin had crossed the 83.76 billion mark. Paolo Ardoino, the CEO of Tether, celebrated this achievement by sharing a tweet that said, “84B USDT.”
Fast forward two weeks and the supply of USDT has continued to surge, surpassing the 85 billion mark. This supply growth has had a direct impact on the stablecoin’s market capitalization, which currently stands at $85.45 billion as of the time of writing, according to data from CoinMarketCap. In comparison, the second-largest stablecoin, Circle USD (USDC), lags significantly behind with a market capitalization of $23.98 billion.
As USDT’s market capitalization and supply continue to grow, the stablecoin has solidified its dominance in the stablecoin market. Notably, between the first and third quarters of 2023, stablecoins have witnessed a 45% increase in active addresses and a 41% rise in transactions, with USDT leading the way with an average of 337,000 daily active lessons and 680,000 daily transactions.
Data from DefiLlama, a decentralized finance analytics platform, also indicates that USDT currently holds a substantial 68.47% share of the total stablecoin market.
USDT (Tether) Experiences Substantial Inflows on Cryptocurrency Exchanges
Apart from the impressive growth in market capitalization, supply, and overall dominance of USDT, this cryptocurrency has also witnessed a remarkable increase in its presence on various crypto exchanges. In the previous month, the quantity of USDT held on exchanges reached levels that hadn’t been seen since March 2023, indicating a significant 40% upsurge in available USDT since June 13.
As reported by CryptoPotato, the USDT held on exchanges surged from 17.6% to approximately 25%, with the holdings of the ten largest addresses increasing from $7.30 billion to $9.42 billion over three months.
This increase in holdings signifies that a particular group of market participants is actively expanding their USDT positions, reflecting a heightened interest among investors seeking to enter or re-enter the cryptocurrency market. Such inflows suggest that these investors are preparing to execute buy orders at the current market price or potentially lower levels.