USDT’s Market Cap Rises 22% Since January
In October, the market capitalization for stablecoins increased by over $600 million. The majority of this capital was attracted by Tether (USDT), the largest fiat-backed digital currency.
According to data from IntoTheBlock, the supply of USDT surpassed $85 billion in October, marking a 22% increase in capitalization from the previous year.
On October 22, the supply of USDT was just over $84 billion. Tether CEO Paolo Ardoino attributes this growth to the rise in Bitcoin’s value during October. USDT’s closest competitor is USDC, with a capitalization of $23.98 billion.
The number of active USDT addresses has increased by over 40% since the beginning of the year, with at least 337,000 wallets involved in daily transactions totaling 680,000.
As reported by DeFiLlama, Tether holds around 69% of the market share for real-backed digital currencies.
The supply of USDT on exchanges has also increased, from 17.6% to 25%, with whales placing $9.42 billion worth of tokens on trading platforms.
