$100 billion USDT. Tether’s stablecoin has just reached a consequent record capitalization, demonstrating its prominent place in the ecosystem
Tether’s USDT reaches $100 billion capitalization
There are now more than 100 billion USDT in circulation, according to data shared by CoinGecko. Tether’s stablecoin thus reaches a record capitalization. During the last bull run of 2021, after Bitcoin (BTC) had touched $69,000, USDT was indeed “only” $83 billion.
The progression of USDT capitalization over the past year
USDT thus solidifies its place as the 3rd most capitalized crypto asset, behind Ethereum’s ETH ($446 billion capitalization), and ahead of Binance’s BNB ($64 billion). As a reminder, the total capitalization of cryptocurrencies this week reached $2.6 trillion, including $1.3 trillion for Bitcoin alone.
USDT retains its status as king of stablecoins
USDT has been crushing the competition lately, as only Circle’s USDC can claim a similar position. This morning, the latter boasts a capitalization of $28 billion. In 3rd place among the most highly capitalized stablecoins, DAI weighs in at just $4.8 billion. As for the First Digital USD (FDUSD), despite its rapid rise, it currently has a market capitalization of just $3.1 billion
The Tether teams published a tweet to mark this milestone, and thanked USDT users:
Celebrating the 100B Milestone Together
A Heartfelt Thank You to the Hundreds of Millions of Tether USDt Users Worldwide. pic.twitter.com/7BoObo2xV2
– Tether (@Tether_to) March 5, 2024
This shows once again that in the cryptocurrency sector, stablecoins are often the sinews of war. These $100 billion in capitalization represent a means of providing liquidity. This means as many potential transfers to “classic” cryptocurrencies.
This, combined with Bitcoin’s sharp rise yesterday and overnight, shows that the bull run is well and truly underway. And that Tether is once again positioned to be a major player.
