Tether supply hits $80B for the first time since May 2022 — stablecoin rivals stumble
Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins. T ether (USDT) continues to benefit from the ongoing turmoil in the U.S. dollar-backed Stablecoin industry with its market capitalization growing significantly in Q1 2023 at other stablecoin s' expense. Tether market cap reaches $80 billion On April 6, the circulating market cap of USDT surpassed $80 billion for the first time since May 2022 with a gain of $15 billion so far in 2023. USDT circulating market cap 12-month performance. Source: Messari On the other hand, the market caps of its chief rivals, namely USD Coin (USDC) and Binance USD (BUSD), fell by about $12 billion and $9.4 billion, respectively. USDC and BUSD circulating market cap year-to-date performance. Source: Messari Tether benefits from non-U.S. status Crypto traders opted for Tether given the growing concerns around USD Coin and Binance USD. Notably, USDC market capitalization...