The largest stablecoin by market cap, Tether USDT has seen its circulating supply pass the $100 billion mark according to Blockworks. Indeed, this is the first time that the dollar-pegged stablecoin has reached the supply figure. Moreover, circulation on the stablecoin had increased 9% this year.
That surge in supply took place alongside a massive increase in Bitcoin (BTC) value. Specifically, BTC has skyrocketed over the last two weeks, inching closer to a new all-time high figure. Alternatively, Tether’s USDT is now the first stablecoin on the market to have a supply exceeding $100 billion.
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Tether USDT 1st Stablecoin to Have Circulating Supply Break $100 Billion
There is little argument to be made against the fact that 2024 is proving to be one of the most important for the digital asset market. Bitcoin has led the way, reaching the $66,000 early Monday. Moreover, it has proved to be a rising tide, lifting all boats. However, it is not the only asset that is reaching record-breaking performance levels.
The largest stablecoin on the market has also continued what has been a phenomenal year. Specifically, Tether has seen its USDT stablecoins circulating supply exceed $100 billion for the first time. Additionally, Tether is the first dollar-pegged cryptocurrency to reach a landmark figure.
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This development has seen the asset further increase its lead within the stablecoin market. Tether’s total market cap is more than $99 billion. Comparatively, Circle’s USDC is the second highest, with a market capitalization figure above $28 billion. Subsequently, the former has proven to be the most dominant stablecoin on the market.
However, its continued ascension throughout this year is directly connected to the market’s positive sentiments. Earlier this year, the US approval of Spot Bitcoin ETFs set the stage for abundant growth throughout the industry. Along with assets like Bitcoin and Ethereum, Tether has also undoubtedly benefitted.