Tether (USDT) Emerges as Prefered Stablecoin amid US Banking Crisis with Over $86B in Total Supply
The stablecoin market is expected to grow exponentially amid the mainstream adoption of Bitcoin and other digital assets globally.
The rise of the stablecoin Tether (USDT) has been unchallenged for several years now. The Tether (USDT) stablecoin runs on more than 10 blockchains including Ethereum, Binance Smart Chain, Polygon, and Tron, among others. On the Ethereum network, Tether (USDT) has over $36 billion in supply with around 4.3 million holders. The Tron network owns a massive amount of Tether (USDT) at around $46 billion. On the Solana blockchain, the total supply of tether (USDT) is around $1.8 billion.
In total, the total supply of Tether (USDT) is over $82 billion, thus holding the largest stablecoins backed by the USD. Notably, Tether (USDT) has the largest daily trading volume in the digital asset industry at around $25.57 billion, compared to Bitcoin at $16.5 billion.
Banking crisis raises the rope (USDT)
Amidst the banking crisis in the United States, which has seen more than three regional fintech and high net worth banks capitulate, investors are becoming more aware of self-preservation through stablecoins. According to the latest data collected from Queen Gekkorecapturing the Tether USDT market valuation that ATH achieved before the cryptocurrency capitulated last year.
Notably, Tether USDT bottomed out at a market cap of around $65 billion during the collapse of FTX and Alameda Research late last year. With Circle’s USDC unpegged during the collapse of Silvergate Capital, the valuation of Tether USDT has skyrocketed thus far.
The narrative that Bitcoin is a better hedge against inflation than any other equity markets has fueled the adoption of Tether stablecoins.
“The banking crisis is fueling a ‘bitcoin hyperinflation’ — the inevitable endgame that the dollar will be worthless,” He said Anders Kvamme Jensen, founder of Oslo-based global digital asset and brokerage firm AKJ.
King of the Stablecoin Market
The stablecoin has a market cap of around $130,788,346,187, with Tether controlling more than half. According to data collected from Binance supported CoinMarketCapOnly Tether (USDT) has seen its market valuation rise year-to-date among the top three stablecoins. The second largest stablecoin, USDC by Circle has been on the decline since the Silvergate Capital saga.
Similarly, Binance-backed BUSD has shrunk significantly since the issuer stopped issuing new coins following SEC charges.
Photo: CoinGecko
The bigger picture
The stablecoin market is expected to grow exponentially amid the mainstream adoption of Bitcoin and other digital assets globally. Moreover, there are more crypto-friendly markets — including the EU, Hong Kong, the UK, El Salvador, the UAE, and others — than there were a few years ago.
As a result, Tether (USDT) is expected to grow exponentially in the coming years. Moreover, the company has launched more stablecoins denominated in other global currencies including the Euro.
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