© Reuters
GLOBAL – Tether (USDT) has strengthened its status as the dominant stablecoin, with a market capitalization now above $93 billion, supported by a recent issuance of 1 billion USDT on the Ethereum network. This growth is part of an aggressive minting strategy, highlighted by a $2 billion minting event that signals strong investor confidence and could portend an upcoming rise in market prices.
In contrast, USDC, the Circle-backed stablecoin, suffered a downturn, with its market valuation falling to around $25 billion, a decline impacted by the March 2023 U.S. banking crisis. Despite this setback, Coinbase is actively working to expand the reach of USDC, partnering with platforms like Yellow Card to improve its adoption in African markets.
The Tron network has played a significant role in the rise of Tether, as USDT on Tron is increasingly adopted as the global payment system of choice for cryptocurrencies. This trend highlights the changing landscape of the stablecoin market, where Tether’s strategic moves are carving out a strong position for itself.
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