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Cryptocurrency News Articles
USDT Market Cap Surges to Over $120B, Reaffirming Its Dominance as the Largest Stablecoin
Oct 23, 2024 at 01:03 pm
The USDT market cap has hit an impressive $120 billion, reaffirming its dominance as the largest stablecoin by market cap.
The market capitalization of the world’s leading stablecoin, USDT, has crossed the $120 billion mark, further cementing its dominance in the stablecoin sector.
Despite growing competition from other stablecoins, USDT has managed to expand its presence, particularly on the Ethereum and Tron networks, where it sees substantial trading volume and user activity.
A recent analysis of the USDT market cap on Glassnode shows notable growth over the past several months. At the start of the year, its market capitalization stood at approximately $92 billion. That figure has climbed to over $120 billion at press time. This means USDT has added more than $28 billion to its market cap in just nine months, reflecting its strong demand and usage.
“The market capitalization of USDT has hit an impressive $120 billion, reaffirming its dominance as the largest stablecoin by market cap,” the analysis noted.
“Despite growing competition in the stablecoin space, USDT continues to expand, especially on the Ethereum and Tron networks, where it sees significant trading volume and user activity.”
As the leading stablecoin, USDT also boasts the highest trading volume among stablecoins, according to data from IntoTheBlock.
Most of the transactions involving USDT occur on the Ethereum and Tron networks, with Tron commanding more than 70% of USDT’s transaction volume.
While Ethereum remains popular for USDT transactions, its high gas fees have pushed many users toward Tron, which offers lower fees and faster transaction times.
“Most of its transactions occur on the Ethereum and Tron networks, with Tron handling over 70% of USDT’s transaction volume,” the analysis stated.
“As Ethereum gas fees remain high, many users have shifted to Tron due to its lower fees and faster transaction times.”
In addition to the Ethereum and Tron networks, Layer 2 solutions, such as Arbitrum and Optimism, are also increasingly supporting USDT transactions, adding to its growing presence across various blockchain networks.
Meanwhile, USDC, the closest competitor to USDT, trails behind in both market capitalization and transaction volume, further solidifying USDT’s position as the leading stablecoin.
“As USDT crosses the $120 billion threshold, it faces increasing competition from other stablecoins like USDC,” the analysis added.
“However, with its deep liquidity, strong user base, and presence on multiple blockchains, USDT is well-positioned to maintain its dominance in the stablecoin sector.”
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