U.S. Dollar Tether (USDT), the leading stablecoin in the cryptocurrency market, has reached unprecedented levels of capitalization, while its primary competitor, USDC by Circle, has seen a significant decline.

Tether (USDT) Market Cap Surpasses $86 Million, Showing a 23% Increase in One Year

On November 8, 2023, Tether Limited boosted the capitalization of its flagship stablecoin, USDT, by more than $300 million in equivalent value. According to data from CoinMarketCap, it achieved a new all-time high, surpassing $86.12 in equivalent value.

Setting a New Market Cap Record for USDT After a decrease in late Q4 2022, the market capitalization of USDT has been on the rise. Over the past 12 months, this metric has increased by nearly 23%.

USDT's dominance in the stablecoin sector has never been more pronounced, surpassing the second-largest stablecoin, USDC, by 153%.

USDC's capitalization currently stands at $24 billion, marking a decline of approximately 56.3% from its all-time high in Q2 2022.

The third-largest asset in this category, Dai (DAI), the most capitalized algorithmic decentralized stablecoin, boasts a supply of $5.34 billion in equivalent value.

Tether (USDT) Becomes a Significant Holder of U.S. Debt, Outpacing UAE and Netherlands

As a centralized stablecoin, USDT is backed by a diversified portfolio of assets. According to its Q3 2023 attestation document, U.S. Treasury bills (T-bills) make up the majority of its portfolio.

At present, Tether holds $72.6 billion worth of T-bills, making its exposure to U.S. debt more substantial than that of many countries, including the Netherlands ($72.3 billion) and the United Arab Emirates ($64.9 billion).

As previously reported by U.Today, Tether (USDT) has been focusing on Bitcoin (BTC) mining software in 2023.

In October, its CEO, Paolo Ardoino, showcased Moria, a next-generation Bitcoin (BTC) mining orchestration tool.