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Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high ($ATH) set on May 8, 2022.
Stablecoin Tether on Brink of Record Market Capitalization
Approximately 370 days ago, specifically on May 8, 2022, tether’s ($USDT) market capitalization soared to an all-time high ($ATH) of $83.279 billion. It was during this period that Terra’s once-stable coin, terrausd (UST), became unpegged from its $1 parity.
Following that event, tether’s market valuation experienced a decline, hitting a low of $65.36 billion on November 24, 2022, resulting in a loss of 21.51% of its total market capitalization.
Since then, tether’s market capitalization has experienced growth and is now inching closer to the $ATH it achieved on May 8. As of the current date, May 13, 2023, tether’s market valuation stands at $82.84 billion.
Recent data reveals a notable 2.7% surge in the number of $USDT in circulation over the past 30 days. Consequently, with the market valuation at $82.84 billion, the estimated count of circulating tethers on May 13 is approximately 82,797,235,449.
$USDT’s competitors have experienced contrasting fortunes in recent months. Take usd coin (USDC), for instance, which has witnessed a decline of 6.5% in its supply over the past month. BUSD has encountered a loss of 17.4%, while Makerdao’s DAI has fallen by 6.9%.
On the other hand, while tether witnessed a modest 2.7% increase, pax dollar ($USDP) saw a notable rise of approximately 13.8% within the same timeframe. Leading the pack in terms of supply growth over the past 30 days was $GUSD, with the number of tokens soaring by 42.8%.
Although $GUSD and $USDP have experienced notable growth over the past 30 days, they pale in comparison to the colossal stablecoin giant, tether. Moreover, tether’s market capitalization of $82.84 billion constitutes a significant 7.09% share of the crypto economy’s total value of $1.16 trillion in USD.
Furthermore, as of May 13, the entire crypto market boasts a global trade volume of $36.79 billion, with tether commanding a substantial $20.41 billion of that volume. Since January 2, 2021, tether’s market valuation has skyrocketed by 290.754% over the last 861 days.