{"id":19951,"date":"2023-04-17T18:51:10","date_gmt":"2023-04-17T18:51:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/tether-stablecoin-sees-22-growth-in-2023-despite-dollar-pegged-token-economys-contraction-altcoins-bitcoin-news\/"},"modified":"2023-04-17T18:51:10","modified_gmt":"2023-04-17T18:51:10","slug":"tether-stablecoin-sees-22-growth-in-2023-despite-dollar-pegged-token-economys-contraction-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/tether-stablecoin-sees-22-growth-in-2023-despite-dollar-pegged-token-economys-contraction-altcoins-bitcoin-news\/","title":{"rendered":"Tether Stablecoin Sees 22% Growth in 2023 Despite Dollar-Pegged Token Economy’s Contraction \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether\u2019s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.<\/strong><\/p>\n

Tether Supply Is Nearing Its All-Time High<\/h2>\n

The stablecoin market has recently contracted<\/a> and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD)<\/a> has seen an 18.9% reduction in supply. Additionally, Makerdao\u2019s DAI has experienced a 9.8% decrease in supply, and Tron\u2019s USDD supply has decreased by 1.3% in the past month.<\/p>\n

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A view of tether\u2019s (USDT<\/a>) market capitalization growth since 2015. The current number of USDT<\/a> (80.93B) is nearing the supply\u2019s all-time high recorded last May ($83B).<\/figcaption><\/figure>\n

Tether (USDT<\/a>), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers<\/a> in January to the current 80.93 billion<\/a>. Roughly 6.3% of USDT<\/a>\u2019s growth was recorded during the past 30 days alone, according to statistics. Tether\u2019s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.<\/p>\n

With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether\u2019s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether\u2019s market valuation was this high was in May 2022, when USDT<\/a>\u2019s market valuation exceeded $83 billion. The lowest drop in valuation after that point in time was $65 billion in November 2022.<\/p>\n

According to data<\/a> from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.<\/p>\n

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Altcoins<\/a>, Arbitrum<\/a>, Blockchain<\/a>, BUSD<\/a>, crypto economy<\/a>, Cryptocurrency<\/a>, DAI<\/a>, decentralized finance<\/a>, DeFi<\/a>, Digital Assets<\/a>, Dollar Altcoins<\/a>, dollar-pegged coins<\/a>, ERC20<\/a>, Ethereum<\/a>, Global Trades<\/a>, growth<\/a>, Holders<\/a>, Market Capitalization<\/a>, Market Valuation<\/a>, Polygon<\/a>, Solana<\/a>, Stablecoin<\/a>, Supply of Tethers<\/a>, Supply of USDT<\/a>, Tether<\/a>, tether stablecoins<\/a>, tether supply<\/a>, token supply<\/a>, tron<\/a>, USDC<\/a>, USDD<\/a>, USDT<\/a>, USDT supply<\/a>, Wallets<\/a><\/div>\n<\/div>\n

What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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