Tether’s stablecoin USDT has recently reached new all-time highs in both market capitalization and circulating supply, underscoring its dominance in the cryptocurrency stablecoin sector.
According to data, USDT’s supply now sits at over 85 billion, representing a monumental 22% year-over-year growth. This latest milestone comes just two months after USDT first crossed the 84 billion supply threshold in October 2022.
USDT has steadily increased its circulating supply throughout 2022. It first surpassed 83 billion in August, only a couple of months after hitting 82 billion in June. As both USDT’s supply and market cap continue setting new records, it remains the undisputed leader among stablecoins.
Stablecoin usage surged between the first and third quarters of 2023. The number of addresses interacting with stablecoins increased by 45% in this period, while transactions went up by 41%. Tether’s USDT stablecoin dominated activity, averaging around 337,000 active addresses and 680,000 transactions per day. This growth in addresses and transactions highlights the expanding adoption and utilization of stablecoins
In addition to its achievements in supply and dominance, USDT has seen a major surge in its presence on cryptocurrency exchanges. In September, holdings of USDT on exchanges climbed to levels not seen since March, increasing 40% since mid-June. The balances of the top 10 USDT addresses also grew from $7.3 billion to $9.4 billion in just three months.
This accumulation of USDT on exchanges signals that investors are building up positions, likely in anticipation of executing buy orders at current or lower prices. The dramatic inflows illustrate the ongoing demand for the leading stablecoin as investors continue turning to USDT amid high market volatility.
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