Tether’s USDT stablecoin has seen significant growth in market share among stablecoins as the $136 billion stablecoin market continues to experience transformation. On Monday, USDT market share among stablecoins exceeded 54%, the highest it has been since November 2021, according to data from CoinGecko. Tether’s gains in market share have mainly come at the expense of rival stablecoin Binance USD, which has experienced a sharp decline since then. The issuer, Paxos, announced in February that it would stop creating new BUSD tokens due to pressure from the New York Department of Financial Services.
This year, the market capitalization of USDT has increased by $5.3 billion to $71.6 billion, with gains of $3 billion since mid-February. Meanwhile, Circle’s rival stablecoin, USD Coin, has also seen gains of $3 billion since the Paxos announcement, but its market capitalization of $44 billion is still lower than at the start of the year. Stable coins have become the backbone of the crypto economy in recent years, with a peak market capitalization of $188 billion in May 2022.
Tether’s status as the world’s leading stablecoin issuer is noteworthy, given its historically opaque reporting about how it supports USDT’s value and the heavy scrutiny of its internal transactions. Despite this, according to CoinGecko, USDT is the most traded cryptocurrency in the last 24 hours with a trading volume of $27 billion, which is bigger than bitcoin. Tether also faces legal challenges, with a New York judge ordering Tether to produce financial records on USDT reserve assets in a lawsuit alleging Tether issued USDT to drive up the price of bitcoin. conspired to do
On March 7, 2023, 9 am IST, the major cryptocurrencies are trading as follows:
Bitcoin: $22,777.04 USD
+0.32%
Ethereum: $1,602.52 USD
+0.58%
Tether: $1.02
-0.35%
USD Coin: $1.00 USD
-0.01%
BNB: $291.54 USD
+0.17%
XRP: $0.3735 USD
+0.67%
Dogecoin: $0.07681 USD
+1.74%
Cardano: $0.3374 USD
-1.09%
Polygon: $1.16 USD
+1.53%
Polkadot: $6.05 USD
+0.16%
Tron: $0.0673 USD
-0.38%
Litecoin: $89.01 USD
-1.65%
Shibu Inu: $0.00001146 USD
+1.73%