The quantity of Tether (USDT) now available on exchanges is at its highest level since March, according to crypto market statistics. Since June 13, 2023, the amount of USDT available on exchanges has increased by 40%, according to the cryptocurrency analytics portal Santiment, with a current value of $9.99 billion. This represents the stablecoin’s highest level of buying power in the past seven months, pointing to an increase in trader buying power. Around $30 billion worth of USDT is still not traded on exchanges.
Santiment also noticed a recent increase in USDT’s availability on exchanges, which could be an indication that investors are getting ready for fresh buying chances. Within four months, the stablecoin’s presence on exchanges climbed from 17.6% to 24.7%. Additionally, in three months, the assets held by the top ten USDT holding wallets increased from $7.30 billion to $9.42 billion, indicating that some investors are growing their holdings in the stablecoin.
Despite unfavourable market conditions, USDT has made great advancements and reached new milestones. The stablecoin’s market value hit an all-time high of $83.76 billion less than three months ago. With a market share of about 66%, USDT continues to be the most popular stablecoin. It may be found on a number of blockchains, including Ethereum, Tron, Solana, and Algorand. Tether dropped service for the Omni, SLP, and Kusama networks in May but revealed last month that it had resumed lending USDT to users.