• USDT reached an all-time high in terms of market cap, thus capitalizing on the downfall of USDC.
• However, thefts of USDT through scams increased, raising concerns.

In recent months, the stablecoin industry witnessed significant instability following the collapse of SVB. This impacted the market capitalization of several stablecoins, and Tether [USDT] emerged as the leader in the market.

All-time highs!

At press time, it was observed that USDT’s market capitalization nearly returned to its all-time high value of approximately $82 billion. USDT previously touched this mark when LUNA collapsed last year.

On the other hand, during the current period, Circle’s USD Coin [USDC] witnessed a decline of about 36% in market value.

Despite a decrease in the interest of large addresses toward USDT, its market capitalization has continued to surge. This trend indicated that the growth of USDT’s market capitalization was fueled by retail interest.

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Author: Himalay Patel

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