Since January 2023, the number of tether stablecoins in circulation has increased from 66 billion to the current 80.9 billion, representing more than 22% growth this year. Tether’s growth is approaching the all-time high of $83 billion stablecoins in circulation that the project reached almost a year ago, in May 2022.

Tether Supply Nearing an All-Time High
The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decline in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supply. In the last month, USD Coin (USDC) has reduced its supply by 12.6%, while Binance USD (BUSD) saw its supply decrease by 18.9%. Additionally, Makerdao’s DAI has seen its supply decrease by 9.8%, and Tron’s USDD supply has reduced by 1.3% in the past month.

A look at the growth of tether (USDT) market capitalization since 2015. The current amount of USDT (80.93 billion) is close to the all-time high supply recorded last May ($83 billion).
Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion.

About 6.3% of USDT’s growth was recorded over the last 30 days alone, according to statistics. Tether’s market capitalization is the third largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion value. In addition, Tether accounted for $29 billion of the $52.2 billion in global 24-hour trading as of Monday, April 17, 2023.

With a 24-hour trading volume of approximately $29 billion, tether trades accounted for 55.56% of every trade completed over the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion. The lowest valuation drop after that point in time was $65 billion in November 2022.