USDT Tether's dominance is increasing among stablecoins amid the crypto market shakeup. Market share or market share of stablecoins alone has now reached a value of US $ 136 billion, data from CoinGecko.
USDT's market share among stablecoins surpassed 54% on Monday (6/3), the highest level since November 2021, after the crypto bull market peaked. Tether's gains have mostly come from rival Binance USD (BUSD), which has been on a rapid decline since the Paxos case.
Crypto company Paxos announced on February 13 that it will stop printing new BUSD tokens due to pressure from the New York Department of Financial Services, the state's top regulator. Since then, BUSD has shrunk to under US$9 billion from a market cap of US$16 billion.
USDT Grows
Coindesk reported, USDT's market capitalization has grown by around US$ 5.3 billion this year, to US$ 71.6 billion, with a profit of US$ 3 billion after mid-February. Circle's rival stablecoin, USD coin (USDC), has also earned US$3 billion since Paxos' announcement, but its market cap of US$44 billion is still lower than at the start of 2023.
Tether's position as the world's dominant stablecoin issuer defies historically opaque reporting on its reserves in favor of USDT's value and the strict scrutiny of its internal transactions.
Last week, The Wall Street Journal reported that Tether used bank accounts accessed by fake documents in 2018. In September, a New York judge ordered Tether to show financial records of USDT's reserve assets in a lawsuit alleging Tether conspired to issue USDT to prop up prices. Bitcoin (BTC), CoinDesk reports.
Major Stablecoins
ALTCOIN NEWS USDT Tether Stablecoin Market Share Rises to Highest Level
Published 12 hours ago on March 7, 2023By Bianda Ludwianto
USDT Tether's dominance is increasing among stablecoins amid the crypto market shakeup. Market share or market share of stablecoins alone has now reached a value of US $ 136 billion, data from CoinGecko.
USDT's market share among stablecoins surpassed 54% on Monday (6/3), the highest level since November 2021, after the crypto bull market peaked. Tether's gains have mostly come from rival Binance USD (BUSD), which has been on a rapid decline since the Paxos case.
Crypto company Paxos announced on February 13 that it will stop printing new BUSD tokens due to pressure from the New York Department of Financial Services, the state's top regulator. Since then, BUSD has shrunk to under US$9 billion from a market cap of US$16 billion.
USDT Grows
Illustration of stablecoins.
Also read: Reasons for Crypto 'Chinese Coin' Filecoin to VeChain Generate Huge Profits
Coindesk reported, USDT's market capitalization has grown by around US$ 5.3 billion this year, to US$ 71.6 billion, with a profit of US$ 3 billion after mid-February. Circle's rival stablecoin, USD coin (USDC), has also earned US$3 billion since Paxos' announcement, but its market cap of US$44 billion is still lower than at the start of 2023.
Tether's position as the world's dominant stablecoin issuer defies historically opaque reporting on its reserves in favor of USDT's value and the strict scrutiny of its internal transactions.
Last week, The Wall Street Journal reported that Tether used bank accounts accessed by fake documents in 2018. In September, a New York judge ordered Tether to show financial records of USDT's reserve assets in a lawsuit alleging Tether conspired to issue USDT to prop up prices. Bitcoin (BTC), CoinDesk reports.
Major Stablecoins
USDT is the most traded crypto asset with a trading volume of around US$27 billion in the last 24 hours, according to CoinGecko, more than BTC .
Stablecoins have been the backbone of the crypto economy in recent years, ballooning to a peak market cap of US$188 billion in May 2022.
Stablecoins peg their stable price to external assets, such as the US dollar, and serve as a facilitator for trading on exchanges and conducting transactions between central bank-issued fiat money and the digital asset world.
USDT Tether's dominance is increasing among stablecoins amid the crypto market shakeup. Market share or market share of stablecoins alone has now reached a value of US $ 136 billion, data from CoinGecko.
USDT's market share among stablecoins surpassed 54% on Monday (6/3), the highest level since November 2021, after the crypto bull market peaked. Tether's gains have mostly come from rival Binance USD (BUSD), which has been on a rapid decline since the Paxos case.
Crypto company Paxos announced on February 13 that it will stop printing new BUSD tokens due to pressure from the New York Department of Financial Services, the state's top regulator. Since then, BUSD has shrunk to under US$9 billion from a market cap of US$16 billion.
USDT Grows
Coindesk reported, USDT's market capitalization has grown by around US$ 5.3 billion this year, to US$ 71.6 billion, with a profit of US$ 3 billion after mid-February. Circle's rival stablecoin, USD coin (USDC), has also earned US$3 billion since Paxos' announcement, but its market cap of US$44 billion is still lower than at the start of 2023.
Tether's position as the world's dominant stablecoin issuer defies historically opaque reporting on its reserves in favor of USDT's value and the strict scrutiny of its internal transactions.
Last week, The Wall Street Journal reported that Tether used bank accounts accessed by fake documents in 2018. In September, a New York judge ordered Tether to show financial records of USDT's reserve assets in a lawsuit alleging Tether conspired to issue USDT to prop up prices. Bitcoin (BTC), CoinDesk reports.
Major Stablecoins
ALTCOIN NEWS USDT Tether Stablecoin Market Share Rises to Highest Level
Published 12 hours ago on March 7, 2023By Bianda Ludwianto
USDT Tether's dominance is increasing among stablecoins amid the crypto market shakeup. Market share or market share of stablecoins alone has now reached a value of US $ 136 billion, data from CoinGecko.
USDT's market share among stablecoins surpassed 54% on Monday (6/3), the highest level since November 2021, after the crypto bull market peaked. Tether's gains have mostly come from rival Binance USD (BUSD), which has been on a rapid decline since the Paxos case.
Crypto company Paxos announced on February 13 that it will stop printing new BUSD tokens due to pressure from the New York Department of Financial Services, the state's top regulator. Since then, BUSD has shrunk to under US$9 billion from a market cap of US$16 billion.
USDT Grows
Illustration of stablecoins.
Also read: Reasons for Crypto 'Chinese Coin' Filecoin to VeChain Generate Huge Profits
Coindesk reported, USDT's market capitalization has grown by around US$ 5.3 billion this year, to US$ 71.6 billion, with a profit of US$ 3 billion after mid-February. Circle's rival stablecoin, USD coin (USDC), has also earned US$3 billion since Paxos' announcement, but its market cap of US$44 billion is still lower than at the start of 2023.
Tether's position as the world's dominant stablecoin issuer defies historically opaque reporting on its reserves in favor of USDT's value and the strict scrutiny of its internal transactions.
Last week, The Wall Street Journal reported that Tether used bank accounts accessed by fake documents in 2018. In September, a New York judge ordered Tether to show financial records of USDT's reserve assets in a lawsuit alleging Tether conspired to issue USDT to prop up prices. Bitcoin (BTC), CoinDesk reports.
Major Stablecoins
USDT is the most traded crypto asset with a trading volume of around US$27 billion in the last 24 hours, according to CoinGecko, more than BTC .
Stablecoins have been the backbone of the crypto economy in recent years, ballooning to a peak market cap of US$188 billion in May 2022.
Stablecoins peg their stable price to external assets, such as the US dollar, and serve as a facilitator for trading on exchanges and conducting transactions between central bank-issued fiat money and the digital asset world.