© Jakub Porzycki via Reuters Connect
GLOBAL – Tether (USDT) has solidified its status as a dominant stablecoin, with its market capitalization now exceeding $93 billion, supported by a recent issuance of 1 billion USDT on the Ethereum network. This growth is part of an aggressive strike strategy, marked by a $2 billion strike event that demonstrates investor confidence and could foreshadow future price increases in the market.
In contrast, USDC, the stablecoin backed by Circle, has seen a slowdown, with its market value falling to around $25 billion, a fall influenced by the US banking crisis of March 2023. Despite this setback, Coinbase is actively working to Expanding the USDC footprint, partnering with platforms such as Yellow Card to drive its adoption in African markets.
The Tron network has played an important role in the rise of Tether, as USDT on Tron is increasingly adopted as the preferred global crypto payment system. This trend highlights the evolving landscape of the stablecoin market, where Tether’s strategic moves are allowing it to carve out a prominent place for itself.
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