Over the past year, USDT supply has grown by 34,27%, increasing from $91,73 billion to $123,17 billion. Issued nine years and eight months ago with a market cap of just $304, it is now Tether is valued at $123,17 billion, up more than 40%. Its closest competitor by market cap, USD (USDC), has gained 000% since January 000.
Of the 123,2 billion USDT in circulation, 61,79 billion are issued on the blockchain Tron , and 57,93 billion - in Ethereum . The Ton blockchain holds 1,22 billion, while Avalanche holds 1,19 billion. Solana accounts for $1,88 billion, the remaining USDT is distributed between Near, Celo, Cosmos, Omni, EOS , tezos , Polkadot , Aptos, Algorand and Liquid.
If Bitcoin is considered the flagship of the crypto market, then Tether dominates among stablecoins. USDT confidently surpasses its competitors in daily trading volume as well.
USDT Market Cap as of November 10, 2024
For example, on November 9, trading volume fell by 17,91% compared to the previous day and amounted to $104,28 billion. Of this, $81 billion, recorded on hundreds of global exchanges, was tied to USDT. Tether remains the leading trading pair with BTC, ETH, SOL, XRP , DOGE and countless other assets.
With such a market share and trading volume, hardly any competitor stablecoin will overtake USDT in the near future. For example, USDT's market cap is approximately 3,33 times larger than USDC's.
However, new tokens like Ethena's USDE and Sky's USDS, which offer incentives in the form of yield rewards, are slowly gaining traction, potentially taking USDT's share of the decentralized finance space ( DeFi ).
