Tether (USDT) currently ruling the cryptocurrency world accounts for 80% of overall trading volumes across the centralized crypto exchanges. This according to a new report by Kaiko suggests that TrueUSDT (TUSD) is on the rise and in the month to come, it is expected to reach the second place among the hierarchy of stablecoins.

The grounds for this surge in TUSD’s growth are unclear, although it got a major push when the new york authorities forced the issuer of Binance-branded stablecoin, BUSD to cease minting new tokens in February. According to CoinMarketCap, TUSD is now the fifth-largest stablecoin with a market size of $2.1 billion, which is a major boost from the $750 million value back in 2023.

In terms of liquidity and market depth statistics, BTC-USDT is still the Forerunner, with market makers preferring Tether over TrueUSD. The USD market dominance, however, is still held by Tether USDT, with over $81.4 Billion in market capitalization and more recently, an additional 1 Billion USDT being added to its reserves.

Last year, the TerraUSD algorithmic variation was annihiliated leading to massive losses within the crypto space and shut down of some cryptocurrency services such as FTX. This added to negative speculation since then on the US Dollar-pegged asset. Similarly, during US's financial crisis, the second-ranked USDC experienced momentary depegging from USD.

Overall, it is clear from these market analyses that the USDt initially still holds the absolute majority in terms of circulation and usage, making it the top tier coin in the global crypto markets. However, these current numbers and figures does provide an interesting perspective on TUSD's potential to compete and reach second place in the near future and it will be interesting to see whether the increase in TUSD's trading volumes will remain the same in the months ahead.



Other News from Today