USDT Hits $100B Market Cap as Stablecoins Match Market Rally

Tether’s USDT solidifies its position as the largest stablecoin by market cap, with a growing market dominance of 88.04%.

Man feeling powerful with Tether.
Created by Kornelija Poderskytė from DailyCoin
  • Leading stablecoin USDT has recorded a new milestone in market capitalization.
  • The stablecoin USDC has recorded significant gains in the past months, experiencing notable market cap and adoption growth.
  • The broader crypto market is recording major gains.

The crypto market has witnessed significant movement over the past week, bustling with activity as investors’ optimism for an imminent bull run intensifies. From Bitcoin (BTC) and Ethereum (ETH) to memecoins, several crypto assets have stunned the investors with notable double and triple-digit gains, reaching new all-time highs and surging in market capitalization.

Now joining the ranks are stablecoins, led by Tether’s USDT with a new milestone.

Tether Joins $100B Market Cap Rank

On Monday, March 4, 2024, at 9: 30 am GMT +1, the largest stablecoin by market cap USDT topped a new value record of over $100 billion, marking a healthy 9.8% increase from its year start value of $91 billion.

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This solidifies USDT’s position as the largest gaining stablecoin in the ongoing Bitcoin-led market rally, bringing the total stablecoin market value to $144 billion.

USDT price chart.
Source: CoinGecko

While Tether’s milestone was short-lived and has since dipped to $99.6 billion, the stablecoin maintains its position as the world’s largest stablecoin, with a market share of 88.04%. In addition, Tether ranks third among the top 50 by global market capitalization, surpassed by Bitcoin and Ethereum.

However, Tether is not the only stablecoin reaching new heights, as Circle’s USD coin is also making significant strides.

USDC Eyes USDT’s Spot as it Re-emerges

According to a Coinbase report on February 26, USDC has experienced an impressive increase since December 1, 2023, marking a 14.3% increase over three months. 

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The increase marks the resurgence of the second-leading stablecoin’s market cap to over $28 billion, following a rocky path in the previous year, which saw its value drop below $25 billion. 

Additionally, Circle’s USDC is becoming an increasingly popular choice in the non-US markets, with a 5x growth in its share of spot and derivatives activity, fueling speculation about its ability to dethrone the stablecoin market giant.

Despite the broader surge in USDT and USDC, other stablecoins such as Dai and FUSD have struggled to match the market momentum, wavering at market cap values of $5.3 billion and $3.2 billion, respectively.

Find out more about the ongoing market rally and Bitcoin’s impressive performance:

Bitcoin Breaches $65K in Wild Rally to All-Time High Levels 

Defunct-exchange has unveiled claims price in ongoing creditor settlement process; find out more:

 FTX Claims Offers Odd Price Discrepancy: What it Means

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.