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Tether, the world’s largest stablecoin, is seeing a surge in its supply, approaching its all-time high. According to recent reports, the number of Tether stablecoins in circulation has grown by over 22% this year, rising from 66 billion in January to 80.9 billion as of April 17th, 2023. This growth rate is close to the high of $83 billion in stablecoins in circulation that Tether saw almost a year ago, in May 2022.
Meanwhile, the overall stablecoin market has seen a decrease in token supplies in recent months due to several dollar-pegged coins reducing their supply. In the last month, USDC has decreased its supply by 12.6%, BUSD by 18.9%, DAI by 9.8%, and USDD by 1.3%.
Tether’s market capitalization is now the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Additionally, Tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of April 17th, 2023.
With a 24-hour trade volume of around $29 billion, Tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17th after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion.
According to data from coincarp.com, the ERC20 version of Tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The Tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The Tether minted on Solana, however, has 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains, including Polygon and Tron, but the majority is stored on the Ethereum chain.
The rise of Tether’s supply indicates that the stablecoin is becoming more popular with investors, even as other stablecoins decrease their token supplies. This news is significant for anyone invested in the cryptocurrency market and could impact the market’s future.
