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Tether’s Share in Stablecoin Market Exceeds 54%

ByLouis Adams

Mar 8, 2023 #Altcoins
Reading time: < 1 minute

Tether (USDT) is the leader in the rankings of digital currencies pegged to the US dollar, according to CoinGecko.

With capital flight from the Binance USD (BUSD) token and its market supply falling below $10 billion due to pressure from the US authorities, USDT’s share of the stablecoin market has surpassed 54% for the first time since November 2021, when the cryptocurrency market was at its peak.

This has caused USDT’s market capitalization to increase by about $5.3 billion to $71.6 billion in 2023, with the stablecoin supply increasing by $3 billion in February alone.

USDC, the second-largest stablecoin issued by Circle, also experienced a $3 billion raise in February, though its capitalization is still lower than two months ago. USDT’s 24-hour trading volume was an impressive $27 billion, making it even more popular than Bitcoin.