The market supply of Tether (USDT), the most popular stablecoin, has surpassed the 84 billion mark to set a new all-time high. At 85.42 billion, the circulating supply of USDT has increased by 22% year over year. The stablecoin’s market capitalization, which is currently $85.45 billion based on statistics, has also been influenced by the rise in supply. Circle USD (USDC), the second-biggest stablecoin, is valued at $23.98 billion on the market.
Stablecoins saw growth in both active addresses and transactions between Q1 and Q3 2023 of 45% and 41%, respectively. With an average of 337,000 daily active addresses and 680,000 daily transactions, USDT led the pack. According to data from DefiLlama, a decentralized finance analytics website, USDT has 68.47% of the market share for stablecoins overall. A notable increase in USDT’s visibility on cryptocurrency exchanges has coincided with the asset’s growing market capitalization, supply, and steady dominance. The quantity of USDT available on exchanges rose to levels not seen since March 2023 last month, indicating a 40% increase since June 13. Within three months, the holdings of the top ten addresses increased from $7.30 billion to $9.42 billion, suggesting a growing interest from investors wishing to enter or reenter the cryptocurrency market.