USDT’s Marketcap Reaches Record High
By market capitalization, Tether’s USDT has long held the #1 spot among stablecoins. According to its most recent releases, which indicate further marketcap rise, it might continue to hold this advantage.
The market capitalization of USDT has been growing this year and recently passed a significant threshold. However, because it eclipsed its previous all-time high established in 2022, its marketcap increase is particularly significant at this time. According to IntoTheBlock’s estimation, USDT’s market capitalization has increased by about 30% so far this year.
USDT’s market cap reached $83.83 billion on July 21, slightly higher than its 2022 peak. However, exchange volumes have tanked compared to their peaks in the last six months. This could be due to Tether’s growing suite of products, such as Tether Gold, which is pegged on gold value and supports USDT transactions.
(With inputs from Shikha Singh)
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