The market capitalization of USDT, the largest stablecoin, has reached a new all-time high, according to data from crypto analysis firm IntoTheBlock. The market cap hit $83.76 billion, showcasing the continued dominance of USDT in the stablecoin market. In fact, the combined market capitalization of the top six stablecoins surged to nearly $125 billion last month.
USDT, issued by Tether, has emerged as a major player in the crypto market, particularly since the onset of the COVID-19 pandemic in 2020. With the economic collapse and global inflation, people have been seeking alternative financial options, making USDT, which is pegged to the US dollar, more attractive.
To understand the growth of USDT, let’s look at some figures over the past three years. In January 2020, the market cap was around $4 billion, but it has now soared to over $83 billion, according to TradingView.
IntoTheBlock recently reported that USDT’s market cap reached an all-time high of $83.76 billion on July 24, surpassing the previous peak in May 2022. However, different charting platforms show slightly varying figures. TradingView estimated the all-time high at $83.83 billion on July 22, while CoinGecko displayed a market cap of over $84 billion on July 6. CoinMarketCap recorded the new peak at $83.86 billion on July 21.
Despite USDT’s dominance, other stablecoins have also gained attention. The combined market capitalization of the top six stablecoins, including USDT, USDC, DAI, BUSD, TUSD, and USDP, reached nearly $125 billion. Although this figure has slightly decreased in recent weeks, it still stands at approximately $122 billion.
The surge in USDT’s market cap highlights the growing demand for stablecoins as a reliable and secure option in the crypto market. As the crypto industry continues to evolve, stablecoins like USDT are expected to play a crucial role in facilitating transactions and providing stability in a volatile market.
Please note that the information provided is based on market data and analysis, and it is important to conduct your own research and consult with financial professionals before making any investment decisions.