USDT’s Market Cap Approaches $84 Billion
The supply of Tether (USDT), the largest stablecoin, has shown signs of growth over the past few months.
As of July, the token’s capitalization grew to $83,815 billion, a significant hike from the $66.2 billion at the start of 2023.
In the first quarter alone, USDT’s net profit rose to $1.48 billion, pushing its excess reserves to a high of $2.44 billion.
Further, its developers have continued to mint tokens in the second and third quarters, meaning USDT has raised more than $17 billion since the beginning of the year.
On the other hand, the total capitalization of the real-collateral digital currency market dropped by $12.17 billion in 2023.
While the second and third largest stablecoins, USDC and DAI, have reported $26.547 billion and $4.541 billion, respectively, USDT remains uncontested at the top of the list.
