One of the largest stablecoin issuers Tether, TRON announced that it has issued another 1 billion USDT (USD pegged token) on its network.
Tether Releases 1 Billion USDT
This move comes at a time when USDT’s market cap continues to climb and the latest data points to a significant increase in market cap compared to other stablecoins.
According to Coinecko, the market cap of USDT has increased by $2.6 billion over the past 90 days, demonstrating its growing importance in the cryptocurrency market.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,000,485,000 USD) minted at Tether Treasuryhttps://t.co/Cij1o41kO8
— Whale Alert (@whale_alert) July 12, 2023
In contrast, USDC (USD Coin), another major stablecoin, experienced a drop in market capitalization with a $4.6 billion drop over the same period.
These figures highlight a significant shift in market dynamics, highlighting the growing dominance of USDT in the stablecoin industry.
Currently, USDT accounts for around 65% of the total market cap of stablecoins and is the leading stablecoin in the industry. USDC, on the other hand, has a 21.4% market share, making it the second largest stablecoin by market cap.
The issuance of an additional 1 billion USDT on the TRON network further solidifies Tether’s commitment to meet the growing demand for stable digital currencies.
Known for its price stability as it is pegged to the US dollar, USDT is widely adopted and serves as a crucial tool for traders looking for a reliable alternative to traditional cryptocurrencies.
The rise and rising market capitalization of USDT reflects increased confidence in the stablecoin’s liquidity and stability.
Its issuance on the TRON network also demonstrates the versatility and interoperability of the token, allowing users to transact across different blockchain networks seamlessly.
As the cryptocurrency market continues to evolve, stablecoins like USDT play a vital role in providing stability and liquidity to investors and traders.
*Not investment advice.
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