Stablecoin

BUSD

USDC

Terra

Read

The market capitalization of <a href="https://crypto.news/tag/tether/">Tether</a>‘s stablecoin <a href="https://crypto.news/price/tether/">USDT</a> has surpassed $90 billion. 
This indicates strong investor demand for&nbsp;<a href="https://crypto.news/tag/stablecoin/">stablecoins</a>&nbsp;and the growth of their use in the digital economy. USDT currently accounts for about 70% of the stablecoin market. The market capitalization of competing coins, meanwhile, continues to decline. 
Tether’s dominance is further emphasized by its trading volumes. As Rob Hudik, general partner at Dragonfly notes, USDT trading volumes are nine times higher than USDC trading volumes, which he believes indicates that the tokens are simply being used for different purposes. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Amazing to see just how much more volume <a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Tether_to</a> has relative to USDC. It's common knowledge how USDC has been trending steadily down in market share of dollar backed stables all year while USDT has been up and to the right. But the volume differential (9x), which is much… <a href="https://t.co/jsPoAdvUIm" target="_blank">pic.twitter.com/jsPoAdvUIm</a>— Rob Hadick ＞|＜ (@HadickM) <a href="https://twitter.com/HadickM/status/1731802359825633776?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 4, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Traders outside of regulated US/UK and emerging markets prefer USDT, while American companies choose USDC. 
 You might also like: <a href="https://crypto.news/stablecoin-market-cap-down-35-18-months-after-terra-collapse/"> Stablecoin market cap down 35% 18 months after Terra collapse </a> 
As shown in the chart above, in July 2023, Tether’s capitalization increased by 36%. At the same time, the market value of USDC fell below $27 billion, which was a 5-month low. The previously ranked third stablecoin BUSD lost its appeal after being delisted from Binance, losing ground to DAI and TrueUSD. 
Earlier, analysts said that in November 2023, the capitalization of the stablecoin sector <a href="https://crypto.news/experts-reveal-tepid-changes-to-stablecoin-sector-in-november/">grew</a> by more than 3% – from $120 billion to $124.05. The first sustained upward jump in the indicator since April-May 2022. At the same time, not only the capitalization of the asset increased, but also the number of its large holders. 
 Read more: <a href="https://crypto.news/usdc-dominantes-eur-stablecoin-market-surpassing-usdt/"> USDC dominantes EUR stablecoin market, surpassing USDT </a>

Tether’s marketcap reaches new milestone of $90b

crypto.news

Other articles published on Dec 7, 2023

New Cryptocurrency Metacade Trending As Ember Sword Game Added to Platform

BitTorrent (BTT) skyrockets over 60% in 24 hours, Here’s why

What Pushes XRP Towards the $1 Goal? Exploring Ripple’s Market Strength

Altcoin Season Is Around The Corner, Which Cryptos Should You Stack?

Exploring VanEck’s 15 Crypto Predictions for 2024: A Comprehensive Analysis

IEEE and Avalanche Blockchain Redefine Credential Security in India

Join our free newsletter for daily crypto updates!