Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Tether (USDT) Records New Milestone, Hits $100B Market Cap

Tether (USDT) Records New Milestone, Hits $100B Market Cap

CryptopotatoCryptopotato2024/03/04 19:07
By:Mandy WilliamsMore posts by this author

With USDT’s latest milestone, the asset has strengthened its dominance in the stablecoin space, giving its closest rival, USDC, a market cap gap of roughly $71 billion.

Tether (USDT), the largest stablecoin by market capitalization, continues its growth by reaching a new milestone of $100 billion.

Data from CoinGecko shows that the stablecoin recorded a market cap of $100.24 billion on Monday at 9:15 UTC before returning to levels below $99.7 billion.

USDT Hits $100B Market Cap

Tether’s new all-time high comes just two months after the digital asset surpassed the $90 billion mark. CryptoPotato reported in December that the surge past $90 billion indicated a consistent increase in the total stablecoin supply and a positive shift in the market.

USDT started 2023 with a market cap hovering around $66.24 billion and ended the year with a record of $91.69 billion, showing a year-to-year increase of more than 35%. With the asset crossing $100 billion within the first three months of 2024, there is enough room for more growth given the current market conditions, and USDT could record unprecedented highs by the end of the year.

When Tether CEO Paolo Ardoino spoke about the company’s achievements in 2023, he revealed that the firm added roughly $4 billion in excess to its USDT consolidated reserves to hedge against volatility. Tether looks to expand further in 2024, projecting USDT as more than a financial instrument.

Ahead of USDC With $71B

With USDT’s latest milestone, the asset has strengthened its dominance in the stablecoin space, giving its closest rival, USD Coin (USDC), a market cap gap of roughly $71 billion. The market cap of USDC, which suffered a mass exodus in March 2023 during the U.S. banking crisis and has struggled to come up since then, hovers around $28.8 billion.

Tether is currently available on 14 blockchains and protocols, with a significant portion of its supply on the Tron network.

On the other hand, Circle, the company issuing USDC, recently ceased its support for the stablecoin on Tron as part of a business approach that involves compliance and organization. The minting of new USDC on Tron stopped last month, but support for the stablecoin on the network will continue till February 2025.

Meanwhile, stablecoin spot trading volumes have significantly risen in recent months, signifying their utility on centralized and decentralized platforms and investors’ growing interest in gaining exposure to crypto assets.

You Might Also Like:

  • Stablecoins Become the Preferred Quote Currency in Recent Market Trends: Glassnode
  • Stablecoin Dominance Wanes as Overall Value Rises: Binance Research
  • Tether Eating All Other Stablecoins as Total Assets Approaches $100B
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Chinese Analyst Assesses Ethereum’s Status, Says “Whales Have Run Out of Purchasing Power” – Here’s What He Expects

Chinese cryptocurrency analyst phenomenon Murphy evaluated the latest status of Ethereum in his statement. Here are the details.

Bitcoinsistemi2025/03/16 16:00

Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns

The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics

Coinomedia2025/03/16 14:33

BTC Short Position by ETH Whale Nears $332M

A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed

Coinomedia2025/03/16 14:33

Pakistan Launches Crypto Council Led by Finance Minister

Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion

Coinomedia2025/03/16 14:33