CEFI

USDT market cap hits a new high, surpassing $83.2 billion! USDC market cap now only one-third of USDT

share
USDT market cap hits a new high, surpassing $83.2 billion! USDC market cap now only one-third of USDT

In the current sluggish cryptocurrency market, the total market value of stablecoins is gradually declining. However, leading stablecoin Tether has surprisingly announced today that the market value of USDT has reached a new high, exceeding $83.2 billion, more than three times that of the second-ranked USDC.

USDT Market Cap Reaches New High

According to the latest announcement from Tether, the market capitalization of the stablecoin USDT has surpassed its previous all-time high, exceeding the record of $83.2 billion set in May 2022. Tether's asset transparency page shows that the current market capitalization of USDT is approximately $83.22 billion.

In response to this positive news, Paolo Ardoino, the CTO of Tether, stated:

"Tether provides a safe haven for people without bank accounts, allowing them to maintain purchasing power even as their national currency depreciates. Through our resilience in volatile markets and leading transparency standards in the industry, Tether has proven to be trustworthy, and customers have responded in kind."

USDC Market Cap Continues to Decline

Compared to USDT, the second-largest stablecoin, USDC, has been experiencing a continuous decline in market capitalization. Following the Silicon Valley Bank crisis in March, which led to the detachment of USDC, despite subsequent full liquidity recovery and the introduction of the cross-chain transfer protocol CCTP, it has not been able to slow down the decline in market capitalization.

According to The Block data, the current market capitalization of USDC is approximately $27.3 billion, only one-third of USDT.

In addition to USDT, most stablecoins have shown a downward trend in market capitalization this year. The total market capitalization of stablecoins peaked at $182.2 billion in April last year and has gradually declined to approximately $126.9 billion, a decrease of about 30%.