USDT Supply Reaches New All-time High

USDT supply hit and surpassed the 84 billion threshold on October 22. This came two months after the leading stablecoin tapped the 83.76 billion mark. Tether’s CEO Paolo Ardoino took the X to celebrate the milestone with a tweet stating, “84B USDT.”Two weeks later, USDT supply has soared beyond the 85 billion mark. The supply growth has also affected the stablecoin’s market capitalization, bringing it to $85.45 billion at the time of writing, according to data from CoinMarketCap. The second-largest stablecoin, Circle USD (USDC), follows with a distant market cap of $23.98 billion.As USDT’s market capitalization and supply increase, the asset has maintained its dominance in the stablecoin space. Between Q1 and Q3 2023, stablecoins’ active addresses and transactions grew by 45% and 41%, with USDT leading the pack with an average of 337,000 daily active addresses and 680,000 daily transactions.
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