- Tether’s USDT market cap has reached a new all-time high.
- The development indicated the growing demand for stablecoins.
- This could potentially catalyze a crypto market bull run.
Tether’s USDT, the world’s largest stablecoin, has reached a new record in market capitalization, signaling a potential cryptocurrency market rally on the horizon.
With over a decade of existence, USDT has become a popular stablecoin for plumbing in the digital asset market. Tether’s 10th-anniversary documentary claimed that USDT’s role has evolved beyond providing liquidity for crypto trading and lending. Users in developing countries such as Brazil and Argentina use it to save money, remit international transfers, and pay workers’ salaries.
USDT’s Market Cap Hits New All-Time High
According to Tether’s transparency page, USDT hit the $120 billion milestone on October 20, putting it over $85 billion ahead in market cap compared to its closest stablecoin rival USDC. USDT’s market cap stood at $120,168,979,663.92 at the time of writing, against USDC’s $34,967,040,539.
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Typically, an increasing stablecoin supply signals a potential market rally buoyed by buying pressure from investors. USDT’s supply growth to over $120 billion could help catalyze the next bull run, as it suggests market participants are accumulating more stablecoins to invest in digital assets.
Per Arkham Intelligence data, Tether’s stablecoin treasury has witnessed significant flows to centralized exchanges in the past 48 hours. These include a $65 million USDT transfer to Binance and a $20 million USDT transfer of the U.S. dollar-pegged token to Kraken.
Tether’s website indicated Tron as the leading blockchain for USDT transactions, holding over $61 billion in authorized stablecoins, compared to Ethereum’s $54 billion and Avalanche’s $1.6 billion.
Stay updated on Cyber Capital founder’s recent allegations against Tether:
Tether Faces Allegations of Being a “Bigger Scam Than FTX”
Read about Ripple’s stablecoin RLUSD:
RLUSD Is Ripple’s Secret Weapon—Here’s Why You Should Care
