In October, the capitalization of the stablecoin market increased by more than $600 million.
The lion’s share of capital was attracted by the largest fiat-backed digital currency, Tether (USDT).
According to IntoTheBlock, the supply of USDT last month exceeded $85 billion. In annual terms, the capitalization of the stablecoin soared 22% to $85.42 billion.
On Oct. 22, the digital currency’s supply was just over $84 billion. According to Tether CEO Paolo Ardoino, the investment appeal of stablecoin has improved on the back of bitcoin’s October rally.
USDT’s closest competitor is USDC. Its capitalization is $23.98 billion.
The number of active USDT addresses has increased by more than 40% since the beginning of 2023. Now at least 337,000 wallets participate in transactions every day. They realize a total of 680,000 transactions per day.
According to DeFiLlama, Tether has accumulated up to 69% of the funds placed on the market of digital currencies with real collateral.