$Tether (USDT) market capitalization increased by 4 billion USD within 3 weeks

Tether (USDT), the leading stableoin in the cryptocurrency market, continues to strengthen its position during the current rally with the issuance of an additional 4 billion USDT in less than a month.

Tether (USDT) market capitalization increased by $4 billion within 3 weeks. Photo: news.bitcoin.com

Accordingly, after nearly 5 months of hovering around a capitalization of $83 billion, the amount of Tether (USDT) in circulation has increased again since mid-October, just as Bitcoin gained strength from the ETF momentum.

Data from Whale Alert shows that Tether has issued 4 times 1 billion USDT since October 20, bringing stablecoin capitalization to over 87 billion USD for the first time in history.

Tether's new USDT issuances in the last 3 weeks. Source: Whale Alert on X (Twitter)

Capitalization fluctuation of USDT in the most recent year. Source: CoinMarketCap (November 14, 2023)

Some observers point out that the last time Tether's capitalization increased so strongly was in March 2023, when rival USDC suffered a major setback because it was stuck with collateral at Silicon Valley Bank.

The amount of newly issued USDT in recent weeks accounts for 18% of the total newly created Tether stablecoins in 2023. Specifically, this year, the company has issued 22.75 billion USDT, with 13 billion USD of which is online. TRON, the remaining 9.75 billion USD is on Ethereum. TRON and Ethereum are also two blockchains that concentrate almost all USDT at the present time, with a supply of 46 billion USD and 40 billion USD respectively.

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