Since January 2023, the number of Tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing more than 22% growth since the beginning of this year. Tether’s growth is approaching the $83 billion high for stablecoins in circulation recorded by the project almost a year ago in May 2022.
Tether supply is approaching all-time highs
The stablecoin markethas recently contractedand is currently hovering around $131.94 billion. The decline in the stablecoin market has been attributed to several dollar-pegged coins reducing their token supply. Over the past month, usd coin (USDC) and binance usd (BUSD) saw a 12.6% and 18.9% decrease in supply, respectively. Additionally, Makerdao’s DAI saw a 9.8% decrease in supply, while Tron’s usd supply has decreased by 1.3% over the past month.
Meanwhile, Tether (USDT) has increased its supply by more than 22% since the beginning of the year, rising from66 billion tethersin January to the current. 80.93 billion. According to statistics, roughly 6.3% ofUSDT‘s growth was recorded in the last 30 days alone. Tether’s market capitalization is the third largest in the cryptocurrency economy, accounting for 6.213% of its $1.2 trillion value. Additionally, Tether accounted for $29 billion of the $52.2 billion in 24-hour global trading value as of Monday, April 17, 2023.
With approximately $29 billion in 24-hour trading volume, Tether trades accounted for 55.56% of all trades settled in the last full day of the crypto economy. Tether’s market capitalization was about $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022when USDT‘s market valuation exceeded $83 billion. The smallest decline in valuation since then was $65 billion in November 2022.
According todatafrom coincarp.com, there are 4,266,498 unique holders of the ERC20 version of tether minted on top of Ethereum, with 37.3% of them dominated by the top 100 wallets. on Arbitrum The minted tether has 276,383 unique holders, with 49.15% held by 10 wallets. However, the tether minted on Solana tells a different story, with 480,388 holders and only 2.16% held by the top 10 wallets. Tethers are also issued on several other blockchains, including Polygon and Tron, but the majority are stored on the Ethereum chain.
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