Tether (USDT), the largest stablecoin in the world. come back to expand the circulating supply again After almost three months of decline This could be a sign that the crypto market is slowly recovering.
The nearly three-month increase happened on July 29 and there were three more. The most recent is August 2nd, according to CoinMarketCap. USDTHowever, it only increased Tether’s market cap by 0.7%, or below $500 million.
followreportTether Transparency currently has a circulating supply of 66.3 billion USDT. This gives stablecoin a total market share of around 43%.
Tether’s supply hit a record high in early May. At the level of 83 billion USDT as the collapse of the Terra ecosystem , and its consequences are broad. This led to a 21 percent drop in circulating supply to a low of 65.8 billion in late July.
This allowed rival Circle to increase the market share of Stablecoin USDC, which now has a 36% share with a $54.5 billion market cap.
Over the weekend, Binance CEO Changpeng Zhao commentRegarding the amount of stablecoins that are ready to return to the market, it states:
“Three of the top 10 crypto coins are stablecoins, which means there are a lot of “fiat” that are ready to make a comeback. Because if people want to get out of crypto, they won’t hold stablecoins.”
Stablecoins currently account for 13.6% of the total crypto market cap, close to all-time highs.
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