Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone
Tether (USDT) is the largest stablecoin, nearing a market cap of $120 billion, driven by over $1 billion inflow into stablecoins recently. The stablecoin market cap increased from $122 billion in October 2023 to over $169 billion in September 2024, a 38.5% rise. Tether holds a 70.4% market share, with USDC at $35.88 billion. The growth is attributed to USDT's stability pegged to the U.S. dollar, appealing to traders amid market volatility. Tether minted $1 billion USDT on Ethereum and $100 million on Tron recently. Other stablecoins like First Digital USD (FDUSD) have also seen growth, with a 47% increase in market cap to $2.94 billion. Ripple plans to launch Ripple USD (RUSD), aiming to connect global financial institutions, which may further boost the stablecoin sector.
