When Bitcoin’s price hit a new all-time high of $ 67,000, the market cap of the largest stablecoin, Tether (USDT), surpassed $ 70 billion.
Most of Tether’s $ 70 billion supply at 51.42% is issued on the Tron blockchain (TRX), which is almost $ 36 billion, followed by Ethereum, which accounts for a supply volume of $ 33.85 billion.
The rest of the USDT offering is spread across other blockchains including Omni, Solana, Algorand, EOS, Liquid, and SLP.
After growing from 41.7 billion in the first half of this year to nearly 63 billion, the increase in Tether supply stalled until early August. After adding $ 8 billion in September, Tether’s supply growth slowed again, only to resume in October as traders and investors got into a bull run.
However, USDT’s dominance over other stablecoins has declined since June last year from 86% to the current 56.8%. Thus, over the past 17 months, this figure has dropped by 30%. The largest share was taken by the stablecoin Circle USDC, whose market share grew from 8% to 25.7%.
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