Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.

The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply. Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.

Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion. Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics. Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.

(by Jamie Redman)