The largest dollar-pegged crypto coin, Tether, is about to cross the milestone of $70 billion in market circulation. Tether market circulation has swelled by 9.9% as it was $63 billion on June 12 which is almost $7 billion in a short period of 3 months.
According to the company’s balance web page, the market capitalization of Tether (USDT) is $69.3 billion which makes it the largest stablecoin. Tether is available on many blockchains like Bitcoin Cash, Omni layer, Tron, Liquid, Algorand, Ethereum, and recently it has been launched on Solana. Tether market circulation number is similar to many other platforms which keep track of each market coin.
USDC (USD Coin) is in second place with a market cap of $29 billion followed by the Binance dollar (BUSD) with a market cap of $12.4 billion. Ethereum blockchain has a $33.8 billion authorized supply of Tether and on the other end, Solana has an authorized supply of $1.1 billion.
Reason behind increase in Tether market circulation
The main reason for such big Tether market circulation is that almost 50% of today’s crypto trades are swapped with Tether (USDT). Coingecko, a Market data collection firm, has shown statistics that Tether exists on 392 exchanges around the globe.
48.50% of ethereum (ETH) trades are swapped with tether and the stablecoin captures 62.03% of Cardano’s (ADA) trading share. Aggregation websites show that out of the $160 billion in global crypto trades on Friday, tether commands $80.5 billion of that volume.
The data shows that Tether market circulation has increased by almost 1500% in less than1.5 years. Terrausd (UST), Trueusd (TUSD), Frax (FRAX), and Neutrino USD (USDN) are other significant stable coins that have shown progress.
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