On December 7, 2023, the capitalization of the USDT stablecoin exceeded $90 billion for the first time, according to CoinGecko. The asset’s market share reached 70%.
At its peak, the figure was $90.2 billion. Then it rolled back to $90.07 billion:
If we look at the chart for 2023, we can easily see the rapid growth of asset capitalization since mid-October 2023:
At the same time, over the same period, the capitalization of USDC, the closest competitor of USDT, decreased from $25.59 billion to $23.34 billion at the time of writing:
Over the same period, FDUSD’s capitalization more than doubled, from $469 million to $1.065 billion at the time of writing:
USDT market share has grown significantly since the beginning of the year. Against the background of achieving ATH in terms of capitalization, the indicator reached 70%.
The increase in capitalization and trading volume of USDT was also noted by Rob Hudik, managing partner of Dragonfly. According to him, USDT is the main asset for mutual settlements, while USDC is a store of value and a “safe haven” for US firms:
Amazing to see just how much more volume @Tether_to has relative to USDC.
It’s common knowledge how USDC has been trending steadily down in market share of dollar backed stables all year while USDT has been up and to the right.
But the volume differential (9x), which is much… pic.twitter.com/jsPoAdvUIm
— Rob Hadick ＞|＜ (@HadickM) December 4, 2023
Source: Cryptocurrency
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