According to CryptoPotato, crypto market indicators reveal that the amount of Tether (USDT) currently on exchanges is at its highest level since March. Crypto analytics platform Santiment reported a 40% increase in available USDT on exchanges since June 13, 2023, with the current value at $9.99 billion. This marks the highest level of buying power for the stablecoin in seven months, indicating a rise in trader buying power. Meanwhile, approximately $30 billion worth of USDT remains outside exchanges.
Santiment also noted a recent surge in USDT's presence on exchanges, suggesting that investors may be preparing for new buying opportunities. The amount of the stablecoin on exchanges increased from 17.6% to 24.7% within four months. Additionally, the ten largest USDT holding wallets saw their assets grow from $7.30 billion to $9.42 billion in three months, indicating that some investors are increasing their positions in the stablecoin.
Despite unfavorable market conditions, USDT has achieved new milestones and significant developments. Less than three months ago, the stablecoin's market capitalization reached a new all-time high of $83.76 billion. USDT remains the largest stablecoin with a market share of approximately 66% and is present on several blockchains, including Ethereum, Tron, Solana, and Algorand. In May, Tether removed support for three networks – Omni, SLP, and Kusama – but announced last month that it has resumed lending out USDT to customers.
