The stablecoin giant tether is by far the largest dollar-pegged crypto asset in the crypto economy, and today the number of tethers in circulation is approaching nearly $ 70 billion. 90 days ago, on June 12, 2021, the number of tethers in circulation was around 63 billion tokens and the supply has increased by 9.99% since then.
The circulating tether economy is approaching $ 70 billion, with 1 billion tethers minted on Solana
The largest stablecoin currently in terms of market valuation is Tether (USDT) and as of Friday, September 10th, the market cap of USDT is $ 69.3 billion, according to the company’s transparency balance sheet website.
The number is similar to most crypto market aggregation web portals that calculate the value of each coin market. Below the market valuation of USDT, the usd coin (USDC) is at 29 billion US dollars and the token BUSD tied to Binance dollars is 12.4 billion US dollars.
According to the USDT transparency page, the token will be issued on multiple blockchains and lately the coin has been issued to Solana. On the transparency page, it is noted that Tether exist on Ethereum, EOS, Algorand, Liquid, Tron, Omni Layer, Bitcoin Cash and Solana. Tether will also be reportedly on the Avalanche Network (AVAX).
$ 33.8 billion is authorized on Ethereum, while Solana has authorized $ 1.1 billion so far. 90 days ago the USDT in circulation was around 63 billion and today there are over 69.3 million tethers in the crypto economy.
50% of today’s crypto trades are exchanged with Tether
Coingecko’s stablecoin data by market capitalization shows that Tether (USDT) exists on 392 exchanges worldwide. Cryptocompare.com metrics show that tether (USDT) accounts for 58.29% of all trades on Friday when paired with Bitcoin (BTC).
48.50% of the Ethereum (ETH) trades are exchanged for Tether and the stablecoin takes up 62.03% of the trading share of Cardano (ADA). Aggregation websites show that of the $ 160 billion in global crypto trading on Friday, Tether comprised $ 80.5 billion of that volume.
Other stablecoins that have seen a notable surge in issuance include Terrausd (UST), Trueusd (TUSD), Neutrino usd (USDN), and Frax (FRAX). Nothing in circulation has increased as much as Tether, as USDT’s market cap increased on Friday the 27th.
What do you think of Tether’s market cap growth approaching $ 70 billion today? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, tether,
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