Tether market circulation

Tether market circulation has swelled by 9.9% in 3 months period

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.

Tether market circulation
Top Four stablecoin by market valuation

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.

Tether market circulation
Tether’s market cap from 2015 to the present day.

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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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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