Tether surpasses $93 billion valuation, leads stablecoin market
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Jan 12, 2024 10:27AM ET
GLOBAL - Tether (USDT) has strengthened its status as a dominant stablecoin, with its market capitalization now exceeding $93 billion, bolstered by a recent issuance of 1 billion USDT on the Ethereum network. This growth is part of an aggressive minting strategy, highlighted by a $2 billion minting event that signals robust investor confidence and may foreshadow upcoming market price increases.
In contrast, USDC, the stablecoin backed by Circle, has experienced a downturn, with its market valuation decreasing to approximately $25 billion, a drop influenced by the U.S. banking crisis in March 2023. Despite this setback, Coinbase (NASDAQ:COIN) is actively working to expand USDC's footprint, partnering with platforms such as Yellow (OTC:YELLQ) Card to enhance its adoption in African markets.
The Tron network has played a significant role in Tether's ascension, as USDT on Tron is increasingly adopted as a preferred global crypto payment system. This trend underscores the shifting landscape of the stablecoin market, where Tether's strategic moves are carving a strong position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.