In early November, the market supply of stablecoins was just over $126 billion. On December 7, it increased to $133.76 billion.
According to CoinGecko, the capitalization of Tether (USDT) in the middle of this week exceeded $90 billion for the first time. USDT’s dominance in the stablcoin market is 71.45%.
The shares of the second and third largest fiat-backed digital currencies USDC and DAI in the market decreased to 19.28% and 4.26%, respectively.
Over the month, USDT supply increased by 6%, and over the year it increased by more than 35% from $66.24 billion to $90.044 billion. Its growth suggests that capital is entering the cryptocurrency market in preparation for a new bull season.
The number of active USDT addresses with balances has grown from 231,000 to 245,800 over the past two months. The use of Tether in smart contracts has increased from $4 billion to over $6 billion, Block Research data shows.
The supply of USDT on the Tron network has been increasing in recent months.
CoinMetrics has recorded an increase of 40,000 to 100,000 addresses on this blockchain since late fall. USDT on Tron is very popular in Latin America, Asia and Africa due to low transaction fees.