Tether (USDT) has become the largest stablecoin by market valuation and is now close to achieving its all-time high (ATH) of $83.279 billion set back in May 8th 2021. Bitcoin’s growth and recent events such as TerraUSDT’s loss of its one-dollar parity have caused a rise in the number of USDT in circulation. For the past 861 days since January 2nd 2021, the market capitalization of USDT has grown drastically by 290.754%, and at present, the estimated number of tethers in circulation is approximately 82,797,235,449. The total value of USDT represents a significant 7.09% of the crypto economy’s overall value of a trillion in U.S. dollars. Additionally, Tether’s current market value at $82.84 billion is also particularly effective in dominating over $36.79 billion of the crypto market’s reported global trading volume.

Contrary to tether’s remarkable performance, its competitors such as USD Coin (USDC), Binance USD (BUSD) and MakerDAO’s DAI have faced decreases in their respective supplies over the past 30 days with USD Coin (USDC) declining by 6.5%, BUSD’s dropping by 17.4%, and MakerDAO’s DAI decreasing by 6.9%. The only two reliable competitors of USDT that have had notable growth over the last month are Paxos Standard (USDP) with a 13.8% increase and Gemini Dollar (GUSD) with a 42.8% raise.

Although Tether’s competitors have been rising, the unequaled performance of USDT is still unparalleled and will mark a historical high if it reaches $83.279 billion. Within the USDT network, USDT is the unquestioned champion; however, whether it will remain on top and maintain its current market dominance is yet to be seen.



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