According to CryptoPotato, the market supply of the largest stablecoin, Tether (USDT), has reached a new all-time high, surpassing the previous milestone of 84 billion. USDT's circulating supply currently stands at 85.42 billion, representing a 22% year-over-year growth. The supply increase has also impacted the stablecoin's market capitalization, which now stands at $85.45 billion, according to data from CoinMarketCap. The second-largest stablecoin, Circle USD (USDC), has a market cap of $23.98 billion.
Between Q1 and Q3 2023, stablecoins' active addresses and transactions grew by 45% and 41%, respectively, with USDT leading the pack with an average of 337,000 daily active addresses and 680,000 daily transactions. Data from the decentralized finance analytics platform DefiLlama shows that USDT holds 68.47% of the total stablecoin market share. In addition to USDT's rising market cap, supply, and stable dominance, the asset has also seen a significant surge in its presence on crypto exchanges. Last month, the amount of USDT on exchanges increased to levels last seen in March 2023, signaling a 40% increase in available USDT since June 13. The holdings of the ten largest addresses surged from $7.30 billion to $9.42 billion within three months, indicating growing interest from investors looking to enter or re-enter the crypto market.
