With new capital entering the cryptocurrency field, Tether (USDT), the largest stablecoin by market capitalization, appears to be headed towards a $100 billion market value.
Tether USDT’s market capitalization was $96 billion at the time of publishing, according on statistics from CoinMarketCap.
Stealing a billion USDT value of $999,867,499 on Monday, stablecoin issuer Tether said, according to crypto data tracker WhaleAlert.
Paolo Ardoino, the CEO of Tether, stated that the most recent mint signified a “1 billion USDT inventory replenish on the Tron Network.” Additionally, he mentioned that the transaction was approved but not issued, meaning that the funds will be held in reserve for chain swaps and issuance requests for the next month.
Recent Tether mints are significant because, as Matrixport analysis indicates, money flows back into cryptocurrency following Bitcoin’s consolidation. It went on to say that Tether may aspire for a $100 billion market value despite the poor volume.
https://x.com/realMatrixport/status/1751826720817389854?s=20
In a similar vein, stablecoin market capitalization have been increasing since recovering right before the start of the October bull cycle, according to on-chain analytics platform Santiment.
The aggregate cap of USDT, USDC, DAI, BUSD, TUSD, and USDP has climbed by $9.42 billion, or 7%, during the previous four months since late September. Santiment claims that this is usually a need for bullish circumstances.
Additionally, over half of the stablecoin supply is once again held by whale wallets with holdings of more than $5 million.
Market awaits fresh inflows
The cryptocurrency market is expecting new inflows because of the notable withdrawals over the previous week. The most recent CoinShares report states that there were significant $500 million global withdrawals from digital asset investment products.
Grayscale withdrawals came to $2.2 billion last week, although data indicates that they may be slowing down now that the weekly total of each day has been declining.
In stark contrast, since their launch on January 11, 2024, newly created U.S. ETFs have attracted $5.94 billion in inflows, including $1.8 billion in inflows within the past week.
