The newest knowledge from CoinGecko exhibits that the market capitalization of the stablecoin USDT has surged to just about $75 billion, marking the very best degree since Might 2022. The market cap of USDT is twice that of USDC, though USDC has resolved latest points and is pegged to the US greenback. The aftermath of the SVB financial institution run signifies that traders are more and more selecting USDT.
In accordance with Glassnode, the dominance of USDT has skyrocketed to 58.1%, the very best degree since mid-September 2021.
In distinction, the dominance of USDC has dropped from round 38% final summer season to round 30%. Moreover, the market cap of BUSD has plummeted from $16 billion on February 13 to $8.3 billion.
Stablecoins have develop into more and more common in recent times on account of their stability and the flexibility to commerce with out the volatility that comes with different cryptocurrencies. They’ve additionally develop into a well-liked instrument for merchants seeking to transfer funds shortly and simply throughout completely different exchanges.
The surge in USDT market capitalization could also be attributed to a number of elements, together with the truth that USDT is essentially the most broadly accepted stablecoin throughout a number of exchanges, in addition to the latest scrutiny of USDC’s regulatory compliance.
Whereas the marketplace for stablecoins continues to evolve and mature, it stays to be seen how USDT and different stablecoins will fare in the long run. Nonetheless, the rise of USDT’s market cap is a transparent indication that it stays a dominant pressure within the crypto market.
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