Iren Corbin
November 12
Over the past year, USDT’s supply increased by 34.27%, rising from $91.73 billion to $123.17 billion. This stablecoin, first issued nearly a decade ago with a capitalization of just $304,476, has now grown by more than 40 million percent. Meanwhile, its closest competitor, the USDC stablecoin, has grown by 50.57% since the beginning of the year.
Out of the total USDT volume of $123.2 billion, $61.79 billion is circulating on the Tron blockchain, and $57.93 billion on Ethereum. Additionally, $1.22 billion and $1.19 billion have been issued on the Ton and Avalanche blockchains, respectively, while $1.88 billion is held on Solana. The remaining funds are distributed across Near, Celo, Cosmos, Omni, EOS, Tezos, Polkadot, Aptos, Algorand, and Liquid.
While Bitcoin remains the leading cryptocurrency, Tether continues to dominate the stablecoin market, leading in daily trading volumes.
On November 10, 2024, USDT’s trading volume was also impressive: on November 9, for example, it decreased by 17.91% compared to the previous day but still reached $104.28 billion. Of this volume, $81 billion was concentrated across hundreds of global exchanges and pegged to USDT. Tether remains the primary trading pair for assets like BTC, ETH, SOL, XRP, and DOGE.
Given its market share and trading volume, USDT remains virtually unchallenged by competitors in the near term, with its market cap nearly 3.33 times that of USDC.
However, new players are emerging in the market, such as Ethena’s USDE and Sky’s USDS, which offer yield rewards to holders. This could allow them to gradually gain ground in the decentralized finance (DeFi) sector, taking a share from USDT.
