Tether supply has reached $80 billion for the first time since May.
This rise of Tether has made a difference to rival stablecoins. While stablecoins may have problems in the crypto money market recently, this increase in supply in Tether drew attention.
Tether Reaches $80 Billion Supply By Overtaking Its Competitors
The supply of USDT on cryptocurrency exchanges has dropped 28 percent in 2023, indicating an overall decline in demand for stablecoins. However, it continues to benefit from the ongoing turmoil in the Tether industry, whose market cap has increased significantly compared to other stablecoins in the first quarter of 2023.
On April 6, USDT’s market cap in circulation exceeded $80 billion for the first time since May 2022, with gains of $15 billion so far in 2023. On the other hand, in terms of volume, its main competitors, USDC and BUSD (Binance USD), fell approximately $12 billion and $9.4 billion.
Crypto traders chose Tether due to growing concerns about USD Coin and Binance USD. USDC’s market cap fell due to the $3.3 billion risk in the now-collapsed Silicon Valley Bank and additional risk in Silvergate Bank, while BUSD , after New York regulators ordered Paxos to stop issuing stablecoins.
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