Ethereum Surges as USDT Supply Hits $77 Billion, Tether Launches USAT
The Ethereum blockchain has witnessed a significant surge in USDT supply, now totaling approximately $77 billion, a nearly $17 billion increase since May. This growth coincides with Ethereum's regain of its top position for Tether (USDT) deployment, surpassing Tron. Meanwhile, Tether is set to launch a new US-compliant stablecoin, USAT, amidst a standardized framework introduced by the GENIUS Act.
Ethereum's robust liquidity depth and extensive DeFi ecosystem have contributed to its strength, with around 400,000 daily USDT transactions and over 1.64 million total daily transactions recorded on the network. Tether's global dominance in the stablecoin market, with a capitalization of $174 billion, is further bolstered by its presence on over 90 networks worldwide. Circle's USDC, the second-largest stablecoin, has a capitalization of $74 billion and focuses on compliance and transparency.
Tether's profitability has been sustained through substantial holdings of U.S. Treasuries. The company is now preparing to launch USAT, a US-compliant stablecoin, in line with the GENIUS Act. This move comes as institutional adoption, such as PayPal integrating stablecoins, drives Ethereum's resurgence.
Ethereum's growing USDT supply and daily transaction volumes reflect its expanding role in the stablecoin ecosystem. Tether's global reach and preparations for a USAT launch signal a strategic response to regulatory frameworks like the GENIUS Act, further shaping the competitive landscape of stablecoins.
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