USDT’s Market Cap Hits a New Record High
The market supply of the fiat-backed digital asset Tether (USDT) reached an all-time high of $83 billion at the end of May.
According to Kaiko, investment capital is moving into USDT due to the crisis hitting its competitors USDC and BUSD.
Glassnode data showed that Tether capitalization set a record at $83.36 billion in June.
Will Clemente, an analyst, noticed that the USDT is being favored over USDC since investors perceive the asset to be more reliable in light of the crypto regulation risks Circle, the issuer of USDC, faces in the US.
Accordingly, the USDT dominance index rose to 64.5%, while the share of USDC decreased to 22%. As a result, traders opted out of centralized exchanges, sending both USDT and USDC away from trading platforms due to the fear of frozen withdrawals.
