The largest stablecoin in the cryptocurrency space, U.S. Dollar Tether (USDT) by Tether Limited, saw a surge in capitalization to levels never seen before. USDC by Circle, its primary rival, continues to contract to multiyear lows.
Tether (USDT) market cap jumps above $86 million, adds 23% in one year
Today, on November 8, 2023, Tether Limited raised the USDT stablecoin’s market capitalization by more over $300 million. According to statistics from CoinMarketCap, it reached a new all-time high of more than $86.12 in equivalent.
The USDT market cap has increased after the decrease that was noted in late Q4 of 2022. This statistic increased by over 23% during the previous 12 months.
It rebounded to levels not seen since the collapse of the cryptocurrency markets in June 2022 in 2023. It began to surge faster starting in mid-October 2023.
Never before has the supremacy of USDT over USDC, the second-largest stablecoin, been so clear. It overtook USDC by 153%.
With a valuation of $24 billion, USDC is over 56.3% less than its all-time high from Q2, 2022.
The most capitalised alogorithmic (decentralised) stablecoin, Dai (DAI), is the third biggest asset with an equivalent supply of $5.34 billion.
Tether (USDT) becomes larger U.S. debt holder than UAE, Netherlands
Being a centralised stablecoin, USDT has a wide range of asset backing. The majority of its portfolio, as stated in its Q3, 2023, attestation statement, is comprised of U.S. T-bills.
Tether now has $72.6 billion worth of T-bills. Its exposure to US debt therefore appears to be greater than that of most other nations, such as the Netherlands ($72.3 billion) and the United Arab Emirates ($64.9 billion).
Tether (USDT) is concentrating on Bitcoin (BTC) mining software in 2023, as previously reported by U.Today.
Its CEO, Paolo Ardoino, gave a demonstration of Moria, a cutting-edge Bitcoin (BTC) mining orchestration tool, in October.
