During the last two months, the stablecoin tether has been one of the most traded crypto assets swapped against a myriad of digital currencies. 66 days ago on April 11, 2022, tether’s market valuation was over $82 billion with 82,694,361,442 tethers in circulation. Since then, more than 12 billion tethers have been removed from circulation amid the Terra blockchain implosion, the recent crypto market carnage, and rumors circulating around Celsius and Three Arrows Capital (3AC).
Data recorded on June 16 shows that USDT commands the lion’s share of the global cryptocurrency trade volume, as it accounts for $51.41 billion of the $96.31 billion in volume on Thursday. That means 53.37% of all the crypto trades on Thursday have been paired with USDT.
What do you think about the number of tethers in circulation declining? Let us know what you think about this subject in the comments section below.