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Crypto News

Tether’s Market Capitalization Reaches Impressive $90 Billion in 2023

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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Tether, the most prominent stablecoin in the cryptocurrency market, has witnessed remarkable growth in its market capitalization, marking significant strides in the crypto economy. Over the past year, Tether (USDT) has seen a considerable supply and market valuation increase.

Starting from a market value of $66.3 billion on January 1, 2023, Tether’s market cap has escalated to an impressive $90 billion within 340 days. This surge represents an increase of over 35%, adding $23.7 billion to USDT’s market capitalization since the beginning of the year.

Tether’s market cap currently constitutes 5.369% of the $1.68 trillion cryptocurrency economy. It not only holds the third position among over 10,000 digital currencies in market valuation but also leads in daily trading volume, with transactions amounting to $23 billion. The primary trading pairs of USDT involve significant fiat currencies such as the USD, EUR, TRY, MXN, and THB.

The last month alone has seen a 5.5% rise in Tether’s market cap. According to data from Tether’s transparency page, of the total $90 billion market cap, the Tron network holds $47.82 billion and Ethereum $41.01 billion, with the remainder spread across various other blockchain platforms.

Tether’s journey from a modest market value of $251,000 on March 16, 2015, to its current status is extraordinary. Over the span of eight years, the stablecoin’s market cap has increased by an astounding 35,912,812%. Tether is now on the verge of entering the world’s top 100 assets by market capitalization, including exchange-traded funds (ETFs) and companies. To reach this milestone, Tether would need to achieve a market cap exceeding $130 billion, a target that seems within reach given its recent growth trajectory.