USDT makes bear market comeback with total supply nearing all-time high

📆 24/5/2023 5:24 AM
📰 TheBlock__

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Tron-based Tether appears to be a darling of whales and OTC trading shops.

Total supply of USDT hit $83.5 billion this week, nearing the all time high of $84.1 billion seen last year.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.It's been a sleepy period for the crypto market, but one player is doing just about as well as it did during the go-go days of the most recent bull cycle.

As for what's behind USDT's rise? According to data provider Kaiko, it doesn't appear to be tied to an increase in trading volumes.

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Tether Trading Volume Falls to Multi-Year Lows, Market Cap Rise Is ‘Questionable:’ KaikoTrading volume of Tether_to’s $USDT has fallen to its lowest level in 4 years, while the stablecoin’s market capitalization nears an all-time high. KaikoData calls the market cap rise “questionable,” as $USDT’s main use is trading. By sndr_krisztian
Source: CoinDesk - 🏆 291. / 63 Read more »