Tether (USDT) Stablecoin Supply Exceeds 4 Billion on All Networks
After aggressive issuance of USDT coins and tokens on various networks, the stablecoin breaks another supply record.
Tether (USDT) keeps growing its supply, seemingly without restraint, as Bitcoin (BTC) remains hopeful of another rally, along with a handful of altcoins. The Omni-layer supply of USDT tokens, reported by CoinMarketCap, has grown by more than 300 million in a week, to 3.3 billion tokens.
But the USDT token is also proliferating on other networks. Ethereum-based USDT added 150 million in the past days, for a total supply of above 800 million tokens. This also makes ETH one of the assets with the biggest inflows of funds.
The TRON-based USDT is growing at a slower pace, still at around 37 million coins. The supply on the EOS network, for the token named PUSDT and used on the EOSFinex exchange, is around 16.9 million.
The increasing inflows of USDT have somewhat tempered the red-hot turnover of USDT. During peak market times, each token was traded 11 times in a single day. Now, the daily turnover has fallen toward 530%, still showing that demand outpaces supply.
The bold printings of USDT at a time when BTC prices are shooting for new yearly highs and staving off the bear market, are still generating skepticism. The growing USDT supply has helped the Litecoin (LTC) climbing trend, as extra liquidity reaching Asian exchanges boosted the prices to around $140.
But the peak supply is also re-sparking fears that the 4 billion USDT may lead to an unprecedented crash in the digital asset markets. More than 73% of all BTC trades are in the pairing with Tether (USDT), showing that the leading coin is highly dependent on this source of liquidity.
Recent blockchain explorations in the last edition of the Diar report link the increased trading activity to increased demand from China and large Asian exchanges. Huobi, Binance, and OKEx remain some of the biggest USDT holders, ensuring liquidity both for well-established coins, and for the newly arrived IEO tokens.