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Tether's USDT Dominates Stablecoin Market with 72% Share, Mints $13B Since November

Dec 1, 2024, 04:51 PM

Tether's stablecoin, USDT, has significantly increased its dominance in the stablecoin market, now holding a 72% share of the $133 billion market cap, up from 50% in 2022. The company has minted $13 billion worth of USDT since November, with weekly mints exceeding $3 billion, matching the levels seen during the 2021 bull market. This surge in USDT supply comes as Ethereum's layer 2 solutions like Base and Arbitrum see a 70% increase in volumes over the past month, driven by demand for decentralized applications (dapps). Meanwhile, other stablecoins like USDC and DAI are falling behind in terms of liquidity and stability, with USDT's peg holding strong. The global stablecoin supply has reached all-time highs at approximately $186 billion, and stablecoin reserves on Binance have hit an all-time high by $28 billion.