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Home»ADOPTION NEWS»The Tether USD stablecoin circulating supply is close to $100 billion.
ADOPTION NEWS

The Tether USD stablecoin circulating supply is close to $100 billion.

By Crypto FlexsMarch 4, 20242 Mins Read
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The Tether USD stablecoin circulating supply is close to 0 billion.
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Posted 1 minute ago In ~

Updated: March 4, 2024, 5:00 AM EST

USDT

-0.06%
, the world’s largest stablecoin, reached a circulating supply of nearly 100 billion on Monday. The supply of stablecoins pegged to the dollar is currently at an all-time high of approximately $99.5 billion. The Block’s pricing page.

Market capitalization, which is supply multiplied by price, topped $100 billion at one stage as values ​​fluctuated. Tether claims this. Website All USDT tokens are pegged to the US dollar at a 1:1 ratio.

This year, major events such as the launch of a spot Bitcoin ETF in the US have led to an increase in Tether supply along with the rise in the Bitcoin and general cryptocurrency markets. CoinMarketCap data.

With its growth, Tether has further distanced itself from Circle’s second-largest stablecoin. USDCThe circulation volume amounts to 28.9 billion.

Tether is record net profit According to the certification report, it had revenue of $2.9 billion in the fourth quarter of last year, with most of the gains coming from the valuation of the company’s U.S. Treasury, Bitcoin and gold holdings.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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