Tether's market capitalization has almost reached its all-time high of $83.2 billion, according to CoinGecko data. However, Kaiko analysts have found that Tether's supply has increased without a corresponding increase in trading volumes. The report highlights a contrast with Circle's USDC stablecoin, which is primarily used as a trading pair.

Tether's market cap behavior remains an anomaly, with factors such as the discontinuation of Binance's BUSD stablecoin and USDC's de-pegging event in March potentially contributing to its growth. Another factor is Tether's growth on Tron, where it has a significant supply and is preferred by market makers and whales for its low transaction fees.