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The Tether printing presses have been reactivated as the USDT quantity in circulation has risen. The world's largest stablecoin, Tether (USDT), has increased its circulating supply after nearly three months of cutbacks, indicating that the cryptocurrency markets are slowly rebounding.
According to CoinMarketCap, the first mint in nearly three months occurred on Friday, followed by three others, the most recent of which occurred on Tuesday. The USDT injections have been modest, increasing Tether's market capitalization by less than $500 million, or 0.7%.
The Tether transparency report indicates that there are currently 66,3 billion USDT in circulation, giving the stablecoin an approximate 43 percent market share.
In early May, the supply of Tether surpassed 83 billion USDT, a record. The breakdown of the Terra ecosystem, resulting in crypto-currency contagion and massive redemptions, compelled the corporation to lower the circulating supply by 21 percent to a low of 65,8 billion in late July.
This has allowed Circle to boost its stablecoin USD Coin (USDC) market share, which currently has a 36 percent share and a market valuation of $54.5 billion. As revealed by Cointelegraph last month, USDC circulation on Ethereum briefly surpassed Tether’s as the number two stablecoin continues to gain ground.
Binance CEO Changpeng Zhao commented over the weekend on the number of stablecoins preparing to re-enter the market, stating:
“Three of the top ten cryptocurrencies are stablecoins, indicating a large amount of ‘fiat’ on the sidelines, waiting to return. Most individuals would not keep stablecoins if they were to exit the crypto market.
Stablecoins presently account for 13.6% of the total crypto market valuation, which is near an all-time high.
Circle’s USDC will surpass Tether USDT as the leading stablecoin in 2022.
A problem in the cost of living driven by soaring worldwide inflation may have halted ordinary traders’ crypto investments and speculating. Those residing in nations with severe inflation rates, such as Argentina, have maintained stablecoins linked to the United States dollar as a hedge against their currencies.
Tether highlighted the benefits of having stablecoins, claiming that USDT “enables Argentinians to access a genuinely global market and liberates them from local illegal markets” and “enables them to retain Tether in a manner that cannot be taken by the government, unlike local bank accounts.”