Stablecoin issuer Tether (USDT) remains strong despite the crypto bear market and industry crises.
USDT, the stablecoin leader of the crypto market, has been tested by other stablecoins over the years. Especially last year, it was claimed that USDC would take the lead. Shocked by the claims that it is a security and that it will go bankrupt, USDT managed to stand up despite the strong winds it experienced.
USDT Stablecoin Data At The Peak Point
Despite the stablecoin studies of the countries, the Terra crisis and the bear market, the USDT data reached its peak. In particular, the massive collapse of Terra Labs product UST has destroyed trust in stablecoin products. Powerful investors and institutional companies are looking for a new stablecoin port. Serious allegations were also made on the USDT side. However, the company stands out as the largest stablecoin service despite the pressures and allegations.
USDT experienced a serious increase in supply in the 90-day period. The circulating supply of the leading stablecoin has increased by nearly 2 billion units since July. With the effect of this increase, USDT increased its dominance in the stablecoin market to 45.9 percent. The company reached the peak of three months.
Often, an increase in supply on a stablecoin could mean it’s starting to see demand. According to some claims, whales have a huge impact on USDT’s quarterly supply increase. Against the crypto bear market and the Fed rate hike, whales started accumulating stablecoins. The first choice of whales was USDT.
According to Santiment, concentrated demand on the stablecoin side may mean the end of the bear market. Santiment noted the parallel relationship between Bitcoin (BTC) price and stablecoin circulating supply.
In addition, according to the analysis, USDT experienced a 31 percent increase in supply and growth metrics. It ranked about 1.2 percent above its closest competitor, USDC.
However, the USDC issued by the Circle company is now pushing USDT as the biggest competitor. According to the crypto community, the competitive environment makes for a quality stablecoin service.
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