Tether (USDT) ranks first in the ranking of digital currencies pegged to the US dollar.
According to CoinGecko, USDT’s share of the stablecoin market has surpassed 54% for the first time since November 2021, when the cryptocurrency market was at its peak.
Tether strengthened its position with capital flight from the Binance USD (BUSD) token. Its market supply fell below $10 billion after Paxos stopped issuing BUSD coins under pressure from the US authorities.
The market capitalization of USDT in 2023 increased by about $5.3 billion to $71.6 billion. In February alone, the stablecoin supply increased by $3 billion.
The second-largest stablecoin, USDC, also raised about $3 billion in February. Its capitalization is just over $44 billion, but it is still lower than two months ago.
USDT trading volume over the past 24 hours was about $27 billion. Thus, the Tether token turned out to be an even more popular digital asset than bitcoin.
