Insights Analysis USDT Tether Reaffirms Its Stature as a Stablecoin

USDT Tether Reaffirms Its Stature as a Stablecoin

June 30, 2023 Analysis
BITmarkets | USDT Tether Reaffirms Its Stature as a Stablecoin

Tether operates the biggest stablecoin in the crypto industry — USDT. This status is based on its market capitalization surpassing $83 billion at the time of writing. Its main competitor, Circle’s USDC coin, trails behind in market capitalization by nearly a factor of three.


USDT/USD - Weekly Time Frame

This dollar-tied cryptocurrency, sometimes referred to as the industry’s backbone, is used heavily for facilitating swaps with other cryptocurrencies. Tether’s issuer claims that USDT is backed by bank reserves and loans which match or exceed the value of USDT in circulation.

Being the largest stablecoin implies low volatility as measured by price fluctuations. As can be seen from the weekly graph above and the longer-term data below, Tether’s USDT upholds its reputation as a stablecoin.

29 June                             $ -0.0003018                 -0.03%

30 Days                            $ -0.0003744                 -0.04%

60 Days                            $ -0.0008855                -0.09%

90 Days                            $ -0.0002818                 -0.03%

USDT Price Change – CoinMarketCap

USDT hit an all-time high value of $1.32 in July 2018. The all-time low of $0.57 came in March 2015. For now, USDT remains the dominant force in the stablecoin space.

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