• USDT’s market dominance declined significantly from last bull market.
• The rise of Binance-backed FDUSD impacted USDT’s market.

World’s largest stablecoin Tether [USDT] achieved a historic feat last week after it hit $100 billion in market cap for the first time ever. With this, it became the third cryptocurrency to enter the exclusive club, with Bitcoin [BTC] and Ethereum [ETH] being the other members.

USDT grows in the bull market

According to AMBCrypto’s analysis of Glassnode’s data, USDT’s market cap was 22% higher than at the peak of 2021’s bull market. The increasing market cap of the industry’s bellwether implied strong capital inflows into the market, and therefore a clear bullish sentiment.

But while the market cap has clearly exceeded 2021 peaks, the same couldn’t be said for USDT’s trading volumes.

Trading volumes still lag 2021 peaks

According to crypto market data provider Kaiko, USDT’s weekly volumes on centralized exchanges despite being comparable to levels hit during the last bull market, remained much lower than the peak $660 billion recorded in May 2021.

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Author: Aniket Verma

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