Miguel Lopez This week marked a significant milestone for the dominant stablecoin in terms of market value, as Tether (USDT) achieved a record valuation of $86.51 billion. This surge in value, amounting to a 3.6% increase over the past month, is a noteworthy development in the cryptocurrency market. Presently, the Tron blockchain is the primary host for Tether, with approximately 45.82 billion USDT, surpassing the 40.02 billion USDT held on the Ethereum blockchain. The remaining Tether supply is distributed across various other blockchain networks.
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Surge in Tether Supply: A 3.6% Increase in 30 Days
The market capitalization of Tether has seen a remarkable upward movement, reaching its highest level ever. Between September 3 and November 9, 2023, the market value of this digital currency rose by 4.36%, with a significant 3.6% of this increase occurring in the last month.
During a span of 67 days starting from September 3, the supply of Tether expanded by 3.61 billion units. The current market cap of $86.51 billion represents an increase of approximately $3.23 billion from its previous peak in April 2022.
As of November 10, 2023, Ethereum’s blockchain holds 40.02 billion USDT, while Tron’s network contains 45.82 billion USDT.
The past 24 hours have seen a surge in trading volumes across various cryptocurrencies, with the global trade volume reaching $139.21 billion. Tether’s trading alone accounted for over 37% of this volume, totaling $51.57 billion. The most active trading pairs for USDT include those with USDC, BTC, and ETH, and Binance remains the leading exchange for USDT trading activities.
The bulk of Tether’s supply is now on the Tron network, with 45.82 billion USDT, constituting 52.96% of all Tether in circulation. The Tron-based version of USDT has outperformed the Ethereum-based version in several respects.
The ERC20 version of Tether is currently held in 4,647,426 unique wallets, in contrast to the 32,859,339 wallets holding the Tron version. Although the ERC20 version has been transferred 206 million times and has been in existence for a longer period, the Tron-based USDT has accumulated 1.38 billion transactions.
While USDT is also available on other blockchains like Solana and Avalanche, the majority of its activity is concentrated on the Tron and Ethereum networks. Initially launched on the Omni network, USDT has since ceased operations there, with a significant portion of its activity shifting to the Ethereum chain. The issuance of a large amount of USDT on the Tron network, coupled with the network’s lower transaction fees, has led to a substantial migration of users to the Tron chain for their USDT transactions.
What are your views on Tether’s market capitalization reaching a new all-time high in 2023? We welcome your insights and opinions on this topic in the comments section below.
Frequently Asked Questions (FAQs) about Tether Valuation
What is Tether’s Current Market Capitalization?
Tether’s current market capitalization has reached a record high of $86.51 billion, following a notable increase in supply.
How Does the Tether Distribution Compare Between Tron and Ethereum?
Approximately 45.82 billion USDT is hosted on the Tron network, surpassing the 40.02 billion USDT on the Ethereum blockchain.
What Was the Recent Growth Rate of Tether’s Supply?
Over the past month, Tether’s supply has increased by 3.6%, contributing to its overall market value growth.
Which Blockchain Network Holds the Majority of Tether?
The majority of Tether’s supply is currently held on the Tron network, which accounts for 52.96% of all Tether in circulation.
How Does Trading Volume of Tether Reflect in Global Crypto Trade?
In the last 24 hours, Tether’s trading volume comprised over 37% of the global crypto trade volume, totaling $51.57 billion.
What Are the Most Traded USDT Pairs?
The most traded pairs involving USDT are with USDC, BTC, and ETH.
How Many Transactions Have Been Made with Tron-based USDT?
The Tron-based USDT has amassed a total of 1.38 billion transactions to date.
More about Tether Valuation
- Tether’s Market Value Surge
- Comparison of Tether on Tron and Ethereum
- Tether’s Global Trading Volume Analysis
- Overview of USDT Transactions on Tron
5 comments
wow, Tethers growth is just unstoppable! never thought it’d outpace Ethereum on Tron, that’s huge news for the crypto market.
Interesting to see how much of the global trade volume is tied up in Tether, it’s like the backbone of crypto trading right now, what happens if it falters?
ethereum still has the edge in my opinion, it’s about more than just numbers, it’s the whole ecosystem and dev community that counts, tron is catching up but still.
can someone explain why the tron version of USDT is more popular? is it just about fees or is there more to it? still trying to get my head around all this.
Tether hitting a new high is impressive, but are we ignoring the risks? Stablecoins aren’t without their issues, especially with regulations looming.