The market capitalization of Tether’s USDT stablecoin has reached a record $120 billion, signaling a potential cryptocurrency the bull rally in October, also called Uptober. This is potentially evidenced by the fact that the price of bitcoin has started to rise, reaching $69,400 on October 21. This is very close to the record of $73,737. I wonder if the pPlanB analyst’s forecast?
Of the 120.17 billion USDT in circulation, 61.49 billion USDT (51.17%) is in the Tron network, and another 54.48 billion (45.34%) is in the Ethereum network.
Stablecoins such as Tether serve as a bridge between fiat currencies and digital assets. The growing supply of stablecoins is often seen as a positive market indicator, as it indicates that investors are depositing these funds on exchanges to trade cryptocurrencies.
Data from the analytical platform Arkham Intelligence indicate that in recent days, a significant portion of Tether’s stablecoin supply has been sent to popular centralized exchanges (CEXs) such as Binance, Bitfinex, and Kraken.
In addition, after celebration of the 10th anniversary in the cryptocurrency market, Tether has another achievement: for the third quarter of 2024 added 36.25 million new users. Growth over the past 12 months averaged 9%.
Thus, the total number of wallets and accounts in the network amounted to 330 million, which is equivalent to the population of the United States.
Source: Tether