Tether’s Stablecoin Briefly Tops $100 Billion in Circulation for the First Time
- Circulation of USDT rose 9% this year on spiked Bitcoin demand
- Tether’s market share is far larger than any of its rivals
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Tether Holdings Ltd.’s USDT token briefly surpassed $100 billion in circulation for the first time, marking a major milestone for the world’s largest stablecoin.
USDT, a cryptocurrency which aims to maintain a one-to-one value with the US dollar, is the first stablecoin to reach such size. Circulation of USDT has risen more than 9% since the start of the year, according to data from CoinGecko, bolstered by rising demand for Bitcoin which is trading at its highest value in more than two years. Tether is the world’s most-traded cryptocurrency.