As of June 1, there are $83.23 billion of USDT in circulation, CoinMarketCap (CMC) data shows.
In the past, there has been a direct correlation between the circulating supply of Tether and rapid Bitcoin and crypto price expansions.
USDT Circulating Supply At Record Highs
The current spot rates and increasing USDT circulation suggest that the markets may follow a similar pattern as in the past.
USDT is a stablecoin pegged to the value of the USD, the world’s largest reserve currency.
The token, issued by Tether Holdings, is available in several blockchains, including Ethereum and Tron.
However, based on the activity levels, more Tether tokens are circulated in Ethereum and Tron networks. Tron is a smart contracts platform and a competitor of Ethereum.
Fluctuating fees and scalability troubles in Ethereum have forced users to transact USDT in alternative platforms, mostly Tron.
As of June 1, more than 50% of all USDT was in circulation in Tron.
On-chain data shows that over $46.1 billion of USDT existed as TRC-20 tokens in Tron. The total amount in Tron was distributed to 26,001,516 addresses who had cumulatively posted 2,272,188 transfers in the past 24 hours alone.
Meanwhile, there was $36.28 billion worth of USDT complying with the ERC-20 standard in Ethereum. The amount was distributed
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Author: Dalmas Ngetich
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