USDT News: Stablecoin Market Cap Hits $212.99B, USDT Dominates with 65.18% Market Share

The global stablecoin market capitalization has reached a new all-time high of $212.99 billion, marking a 3.02% increase in the past week. USDT continues to dominate the stablecoin market with a 65.18% market share, while USDC has seen an 11.23% rise in its market capitalization. Stablecoins are increasingly being used as a hedge in regions like Sub-Saharan Africa and Latin America, representing over two-thirds of the total cryptocurrency transactions in these areas. This growth highlights the growing importance of stablecoins in the global financial ecosystem, particularly in regions with volatile local currencies.

Stablecoin Market Cap Hits $212.99B, USDT Dominates with 65.18% Market Share

The global stablecoin market capitalization has reached a new all-time high of $212.99 billion, marking a 3.02% increase in the past week. USDT continues to dominate the stablecoin market with a 65.18% market share, while USDC has seen an 11.23% rise in its market capitalization. Stablecoins are increasingly being used as a hedge in regions like Sub-Saharan Africa and Latin America, representing over two-thirds of the trillions of dollars worth of cryptocurrency transactions recorded recently.

BitMEX Launches Chinese New Year Competition: Win a 188,888 USDT Prize Pool

BitMEX, a leading crypto derivatives exchange, has announced the Slither to Success Trading Competition to celebrate the Lunar New Year. The competition offers a total prize pool of 188,888 USDT, distributed across three leaderboards: Highest Trading Volume, Highest PnL, and Highest ROI%. The event will run from January 23, 2025, at 11:00 AM UTC to February 16, 2025, at 11:59 PM UTC. Participants can compete for rewards based on their trading performance, with the top 50 traders in each category sharing the prize pool.

USDC Supply Crosses $50 Billion Market Cap for the First Time Since 2022

The stablecoin USDC has achieved a significant milestone by surpassing a $50 billion market cap for the first time since 2022. This growth is part of a positive trend that began in 2024, during which USDC outperformed its competitors, including Tether USDT, in market cap growth. According to Circle’s Shaping the Future of Money Report, USDC's circulating supply increased by 78% year over year in 2024. Despite this growth, USDC has not yet reached its all-time high market cap of $55.9 billion from June 2022. The steady increase in its supply indicates a recovery and a renewed challenge to Tether USDT, especially after the difficulties faced in 2023 due to the banking collapse. During that period, Circle encountered challenges in withdrawing some of USDC’s reserves from Silicon Valley Bank, leading to a brief depegging from the US dollar and a significant sell-off by holders who switched to USDT.