• USDT’s marketcap has been on an upward trajectory this year and recently surpassed its previous all-time high.
• Tether’s supply and market capitalization have hit new highs this month, approaching the noteworthy $84B benchmark.
• Its marketcap growth implies that Tether is preparing for more demand in line with growing demand.

USDT Marketcap Reaches New All Time High

The circulating supply of USDT is up nearly 30% year-to-date, as it’s marketcap has been on an upward trajectory this year and recently crossed an important level. According to IntoTheBlock’s assessment, USDT’s marketcap is up by roughly 30% on a year-to-date basis. The stablecoin’s latest announcement highlight more potential for future market cap growth as it peaks at over $83.83 billion on 21 July, surpassing its previous all-time high achieved in 2022.

Positive Address Growth Continues

USDT volumes are not quite there yet but positive address growth continues as the amount worth of the stablecoin that is available increases. This might maintain its lead in terms of being the top stablecoin by marketcap due to its increased circulating supply to historic highs.

Growing Demand For Stablecoins

The implication behind USDT’s increased marketcap is that it will allow Tether to serve more people in line with growing demand. Stablecoins are used as mediums for accessing cryptocurrencies, thus a surge in volume could be indicative of a possible bullish move within the crypto markets or simply a sign of increasing demand for access into cryptocurrencies through these assets.

What Does This Mean?

USDT’s increasing market cap does not necessarily mean that a bullish move in crypto markets is imminent but it does suggest that Tether is likely preparing for more demand from users looking to exchange traditional currencies into cryptocurrency assets such as Bitcoin or Ethereum using the asset class known as „stablecoins“.

Final Thoughts

As evident from the recent increase in USDT’s circulating supply and overall market capitalization, there appears to be growing interest from investors looking to access cryptocurrencies via stablecoins such as USDT. As long as these trends continue, we can expect steady growth within this sector of digital assets over time.

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