The stablecoin market, a key a part of the crypto market with 8.18% of the entire cryptocurrency market, continues to surge, reaching a market cap of $165 billion.
USDT (Tether) accounts for 69.66% of the stablecoin market, representing a market cap of $115 billion, an enormous dominance over different stablecoins.
Whereas USDT has all the time been dominant within the stablecoin market, over 70% of the stablecoin market has been generated from USDT alone over the previous 12 months.
The second stablecoin behind USDT is USDC, which has a market cap of $34.5 billion, adopted by DAI, which has a market cap of $5.3 billion.
The latest milestone achieved by USDT is the results of a rise in demand as a result of latest volatility within the crypto market. As he states Lookonchain on the X platform, 1.3 billion USDT have been transferred from TetherTreasury to exchanges for the reason that market crash on August fifth.
These transfers have been made to crypto exchanges, together with OKX, Coinbase, Kraken and Binance.
Not solely has USDT been in excessive demand, however USDT has all the time been a well-liked choice for buying and selling and holding worth within the crypto market.
Nevertheless, USDT's latest progress is underneath scrutiny as a report claimed that the stablecoin has been misused for unlawful actions and by sanctioned entities.
The corporate itself is making an attempt to observe these unlawful and unlawful actions associated to stablecoin merchandise within the secondary market. In July alone, they froze a TRON community deal with that contained about 29.62 million USDT.
They plan to commit extra effort to monitoring illicit actions as they introduced plans to double their workforce by mid-2025 to strengthen compliance with regulatory legal guidelines, and likewise introduced a partnership with blockchain knowledge safety platform Chainalysis to create instruments to observe secondary market actions involving illicit monetary means.
The latest milestone reached by USDT shouldn’t be actually a shock to many, as a monetary report printed every week in the past reveals that they reached $5.2 billion within the first half of 2024, a brand new report since USDT Tether started operations. They achieved these earnings regardless of having a smaller workforce, which they plan to double by mid-2025.
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