Tether’s USDT market cap has increased by at least $20 billion in 2023, while rival stablecoin USDC has lost the same amount so far this year. Tether has minted 22.75 billion USDT so far this year, with at least 4 billion USDT issued in the past four weeks, according to blockchain data provider Whale Alert.
Tether USDT started the new year with a market capitalization of approximately $66 billion and has since grown steadily, with its market capitalization exceeding $80 billion in April 2023. According to data, on November 14, the market value of USDT briefly touched US$87 billion.
A Tether spokesperson said USDT’s continued growth should be attributed to two key reasons, one of which is continued excitement over the potential approval of a spot Bitcoin exchange-traded fund (ETF). A representative for Tether said: "Institutional investors are increasingly interested in Bitcoin due to excitement about the possibility of a Bitcoin ETF." A spokesperson for Ether said that growing demand from emerging markets also drove Tether's record-breaking growth of. The representative said that the USDT stablecoin has been “increasingly becoming the de facto digital dollar for all emerging and developing markets,” adding:
“In fact, many countries’ national currencies are depreciating against the U.S. dollar, so all communities living in these countries are looking for protection…USDT is their most trusted asset.”
Tether cited public information from the Brazilian government that USDT accounts for 80% of all cryptocurrency transactions in Brazil. "This pattern is similar to dozens of other countries,"
#BTC
Tether USDT started the new year with a market capitalization of approximately $66 billion and has since grown steadily, with its market capitalization exceeding $80 billion in April 2023. According to data, on November 14, the market value of USDT briefly touched US$87 billion.
A Tether spokesperson said USDT’s continued growth should be attributed to two key reasons, one of which is continued excitement over the potential approval of a spot Bitcoin exchange-traded fund (ETF). A representative for Tether said: "Institutional investors are increasingly interested in Bitcoin due to excitement about the possibility of a Bitcoin ETF." A spokesperson for Ether said that growing demand from emerging markets also drove Tether's record-breaking growth of. The representative said that the USDT stablecoin has been “increasingly becoming the de facto digital dollar for all emerging and developing markets,” adding:
“In fact, many countries’ national currencies are depreciating against the U.S. dollar, so all communities living in these countries are looking for protection…USDT is their most trusted asset.”
Tether cited public information from the Brazilian government that USDT accounts for 80% of all cryptocurrency transactions in Brazil. "This pattern is similar to dozens of other countries,"
#BTC