US Dollar Stable Currency Market Share Shifts to USDT

02/13/2023 11:54 • Crypto & Markets • 166 views

According to the report, the data shows that the total market value of the US dollar stable currency is US $138.5 billion at present, with USDT accounting for 49.39%, USDC accounting for 29.76% and BUSD accounting for 11.63%. The proportion of USDT has reached a new high in nearly 14 months.

The market share of USDT in the US dollar stable currency returned to around 50%, hitting a new high in nearly 14 months

Interpretation of the news:

The global market for stable currencies has been gaining traction in recent years, with investors increasingly turning to these asset-backed digital coins to protect their assets against the volatility of traditional cryptocurrencies. According to a recent report, the total market value of the US dollar stable currency is currently $138.5 billion, with USDT being the dominant player.

USDT, short for Tether, is a popular stable currency that is pegged to the US dollar. As of the report’s release, USDT accounted for 49.39% of the US dollar stable currency market, reaching a new high in almost 14 months. USDC, or USD Coin, came in second with a 29.76% market share, followed by BUSD, or Binance USD, with 11.63%.

This shift in market share towards USDT is significant, as it indicates growing acceptance and adoption of the cryptocurrency. Investors are increasingly turning to stable currencies to mitigate the risks associated with traditional cryptocurrencies, which are notorious for their extreme price volatility.

USDT’s popularity can be attributed to its accessibility, liquidity, and widespread use across various cryptocurrency exchanges. Additionally, it has a proven track record of maintaining its peg to the US dollar, which provides investors with confidence and stability.

USDC, a stablecoin launched by Coinbase, is also gaining popularity, particularly within the US market. Its strong association with Coinbase, one of the largest cryptocurrency exchanges in the world, has helped to increase its visibility and credibility.

BUSD, launched by Binance, the world’s largest cryptocurrency exchange, has also been gaining traction, particularly in Asia. It offers investors the ability to trade on the Binance exchange without having to convert their holdings to US dollars.

In summary, the growing market for stable currencies, particularly in the US, is increasing in popularity among investors seeking stability and security. USDT, USDC, and BUSD are leading the pack, with USDT’s dominance currently at a new high in almost 14 months.

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US Dollar Stable Currency Market Share Shifts to USDT

The market share of USDT in the US dollar stable currency returned to around 50%, hitting a new high in nearly 14 months

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