The market dominance of leading stablecoin tether (USDT) is approaching all-time highs as crypto markets suffer from the apparent collapse of FTX.
Almost $70 billion in USDT currently circulates in the crypto ecosystem, making up almost 9% of the entire digital asset market capitalization.
While just shy of its record high of 9.49%, USDT’s dominance is up 25 percentage points from last Friday. That was just before Binance CEO Changpeng Zhao fired shots at rival crypto billionaire Sam Bankman-Fried.
Zhao on Saturday said he’d soon dump millions of dollars in FTX’s native token FTT, culminating in yesterday’s shock offer to totally acquire Bankman-Fried’s FTX.com exchange.
USDT boasted higher supply back in April, a few months before the historic Tether bank run in the wake of failed algorithmic competitor Terra earlier this year. But USDT back then made up only half as much of the crypto space, around 4.5%.
It’s clear that investors are fleeing to the safety of US dolla
We współpracy z: https://blockworks.co/tether-dominance-nears-all-time-high-as-crypto-crashes/
