The main stablecoin in the cryptocurrency market, Tether has just reached a market capitalization close to $ 80 billion. Its valuation has indeed increased by 5.6% over the last 30 days and now represents 46% of that of all stablecoins on the market.
3.35% of the total valuation of the cryptocurrency market
According to statistics from coingecko.com, there are around 78.2 billion Tether (USDT) in circulation, which is as many as billions of dollars in terms of market cap for stablecoin. In its transparency report available on the tether.to web portal, Tether Limited claims to have $ 78.5 billion in assets under management. In either case, these statistics indicate that Tether accounts for 46% of the total valuation of stablecoins which is estimated at $ 168.3 billion. On a higher scale, stablecoin represents 3.35% of the current market cap of all cryptocurrencies combined.
Less prominent than cryptocurrencies like bitcoin or ether, USDT has still experienced massive growth over the course of its existence. The stablecoin displays in particular growth of 17,327,227% in just over six years. However, another stablecoin managed to perform better over the entire past 30 days with a rise of 9.7%. This is the USD Coin (USDC) which has a market capitalization currently estimated at $ 42.1 billion. This represents around 52.68% of Tether’s total valuation and the second highest market cap in the stablecoin market.
The largest volume of trade in the market
The USDT and USDC together represent 71.82% of the valuation of all stablecoins and around 5.15% of the total market cap of cryptocurrencies. In addition, four assets stood out with double-digit growth in the top 10 valuations of the stablecoin market. Indeed, the BUSD issued by Binance jumped 12.9%, Terra’s UST jumped 34.2%, MIM rose 30.9% and FRAX swelled 42.9%.
Despite these impressive numbers, the valuation of Tether is higher than that of BUSD, UST, MIM and FRAX combined. Besides being the largest stablecoin in the market, the USDT also holds the largest volume of trading. Tether’s volume over the last 24 hours is higher than BTC’s daily volume today, with $ 52.8 billion in USDT transactions. Bitcoin has less than half of that volume at $ 25.5 billion.
Tether’s new market capitalization statistics are expected to feed more into the industry’s reservations about the actual amount of reserves supporting the asset. The subject had already generated a lot of ink in early December after a minting of 3 billion USDT.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 in some crypto only increased my enthusiasm. I therefore resolved to study and understand blockchain and its many uses and to relay information relating to this ecosystem with my pen.