According to a report by Into The Block, Tether USDT's market cap value has reached new highs in July and is steadily approaching the key $84 billion mark. The stablecoin's total market share value has been on the rise for the majority of 2021, moving from $66.23 billion on January 1 to its current value of $83.80 billion. USDT's market cap is up by over $480 million since the beginning of July, indicating an increasing level of adoption. Additionally, the token's circulating supply is up by almost 30% year to date. Tether Holdings Ltd, the operator of USDT, announced a net profit of $1.48 billion for Q1 2021, bringing its excess reserve to an all-time high of $2.44 billion. Into The Block noted that Tether is well on course to surpass those profit levels in Q2 and Q3 as there is an increase in the amount of USDT being issued.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
USDT market cap hits new high, nears $84B. Tether (USDT) Increasing Stablecoin Dominance In 2023
In 2023, the stablecoin market has experienced a significant decline, losing more than $12.17 billion since the beginning of the year. However, amidst this decline, USDT has shown resilience and has gained over $17 billion in market capitalization. USDT market cap hits new high, nears $84B.
According to data from DeFiILama, Tether's market dominance has increased by approximately 19% in 2023, with the token now accounting for two-thirds of the stablecoin market.
This growth in market dominance can be attributed to USDT's impressive performance, while some other prominent stablecoins have experienced a notable decline in their market shares.
Here is an optimized version of the original content:
In the world of stablecoins, Circle's USD Coin (USDC) is currently the second-largest with a market cap of $26.26 billion, although it has seen a significant 40% decrease in market cap in 2021. Binance USD (BUSD) has a market cap of $3.71 billion, but it has lost over 77% of its market share due to an embargo earlier this year. Tether remains the third largest cryptocurrency with a market cap of $83.80 billion, and its value remains pegged at $1. It ranks behind Bitcoin (BTC) and Ethereum (ETH) in terms of market cap.
DeFi Stablecoins Gearing Up To Match Centralized Counterparts
DeFi stablecoins have been upgrading their features to compete with centralized counterparts. MakerDAO has increased the DAI Savings Rate (DSR) to 3.49%, with a possibility of further increase to 8% in the coming weeks. Frax protocol is launching FRAX v3 in August, aiming to make it a fully algorithmic token. Lybra Finance offers its stablecoin eUSD at 0% interest rate, while other DeFi stablecoins with notable features include Curve Finance’s crvUSD and Aave’s GHO.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Comentarios