<\/p>\n
Tether\u2019s (U<\/a>SDT<\/a>) stablecoin supply has reached an unprecedented milestone, surpassing $84 billion for the first time.<\/p>\n Data from CryptoSlate<\/em> shows that USDT market capitalization has increased by around $1 billion during the last seven days amid the current market rally<\/a> fueled by optimism surrounding the possibility of a Bitcoin (BTC<\/a>) spot exchange-traded fund (ETF).<\/p>\n Tether\u2019s CEO Paolo Ardoino marked<\/a> the milestone with a terse \u201c84B <\/span>$USDt\u201d post on social media platform X.<\/span><\/p>\n USDT faced significant challenges<\/a> last year as its market capitalization dropped to $66 billion amidst a severe market downturn and the collapse<\/a> of crypto firms such as FTX and Three Arrows Capital. During this period, questions arose about the stability of its reserves, with concerns<\/a> that it might be vulnerable to the broader market turmoil.<\/p>\n However, Tether weathered this storm and has managed to increase its token supply by approximately $18 billion this year. This growth can be attributed to the current favorable market environment and issues faced by its rivals, including Binance USD (BUSD<\/a>) and USD Coin (USDC<\/a>).<\/p>\n Earlier in the year, the New York Department of Financial Services (NYDFS) directed<\/a> BUSD issuer Paxos to cease additional minting of the stablecoin. Later, the U.S. Securities and Exchange Commission (SEC) classified<\/a> BUSD as a security in its lawsuit against Binance.<\/p>\n As a result, many crypto investors turned away from BUSD, causing its supply to plummet<\/a> from its peak of $22 billion in November 2022 to approximately $2 billion as of press time.<\/p>\n Conversely, USDC encountered difficulties in March when it was revealed to have exposure to the U.S. banking crisis<\/a>.<\/p>\n The issuer, Circle, disclosed that it held a portion of USDC reserves at the now-failed crypto-friendly bank, Silicon Valley Bank. Following this revelation, USDC briefly depegged<\/a> to as low as $0.87 before recovering.<\/p>\n However, its circulation has steadily declined<\/a> despite the improving market conditions.<\/p>\n These events helped to propel USDT to the forefront of the market, with its market dominance now surging to nearly 70%, according to DeFillama data<\/a>.<\/p>\n The post Tether supply reaches unprecedented $84 billion amid ETF-driven Bitcoin rally<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Tether\u2019s (USDT) stablecoin supply has reached an unprecedented milestone, surpassing $84 billion for the first time. Data from CryptoSlate shows that USDT market capitalization has increased by around $1 billion during the last seven days amid the current market rally fueled by optimism surrounding the possibility of a Bitcoin (BTC) spot exchange-traded fund (ETF). Tether\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":180180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-180179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=180179"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180179\/revisions"}],"predecessor-version":[{"id":180181,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180179\/revisions\/180181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/180180"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=180179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=180179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=180179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why Tether supply is rising<\/h2>\n