Tether (USDT) witnessed a notable daily net inflow of $40 million over the last 2 months.
Santiment predicts that this stablecoin ‘dry powder’ will continue until the end of 2024.
Tether invested in StablR, the European stablecoin provider, to accelerate regional adoption.
Stablecoins secure a significant position in the crypto space, while Bitcoin dominates the prevailing bull market. According to Santiment’s latest report, Tether (USDT) has emerged as a standout stablecoin, witnessing a substantial daily net inflow of $40 million. Notably, over the past eight months, Tether has experienced its highest-ever inflow in the bull market, underscoring its growing prominence.
The crypto market experienced a steady uptrend after the recent U.S. elections. Although it witnessed fluctuations, the overall market exhibited high momentum. Further, Bitcoin’s surge past $100k and altcoins touching their all-time highs have given weightage. Within these two months, Tether has recorded significant daily movements into exchanges from traceable wallets. This shows the persistent market activity of stablecoins, especially Tether.
As per CoinGecko data, the stablecoin market has grown to a staggering market capitalization of $209.22 billion, with Tether and USDC leading the space. Backed by the US Dollar, USDT is valued at $1, with a market cap of $140 billion. The stablecoin’s 24-hour trading volume is $167,432,643,994.
The stablecoin market’s remarkable performance, coupled with Tether’s dominance, has contributed to fueling the recent crypto market rally and historic price pumps. Santiment predicted that this stablecoin ‘dry powder’ will continue until the end of 2024, with these tokens providing the necessary funds to support further price increases.
Meanwhile, Tether invested in StablR, the European stablecoin provider to accelerate adoption in the region. This move demonstrates Tether’s commitment to the European market and support for regulated stablecoins. Tether’s investment in StablR aligns with the increasing adoption of stablecoin in Europe. Addressing the European stablecoin market’s favorable conditions, Paolo Ardoino, Chief Executive Officer at Tether, stated, “The European stablecoin market is rapidly evolving, and it’s poised for significant further growth in line with broader trends.”
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