USDT’s market capitalization increased 37% YTD to $91 billion.
USDT added 4 billion in its excess reserves throughout 2023.
Tether [USDT] negotiated 2023’s bear market with great aplomb to solidify its position as the largest and most popular stablecoin.
USDT’s market capitalization increased 37% year to date (YTD) to $91 billion, as investors reposed their trust in the face of unfavorable signals from other stablecoins.
Source: Glassnode
USDT maintains its shine
Barring the odd incident, USDT held firm to its value of $1 even as some top players like USD Coin [USDC] and DAI witnessed their worst depegs this year.
Moreover, USDT’s exchange supply ratio steadily increased in the second half of 2023, AMBCrypto observed using CryptoQuant’s data.
For the uninitiated, the metric measures the ratio of tokens reserved in exchange wallets relative to the total supply of the token.
Typically, a spike in stablecoin exchange reserves indicates strong buying pressure and bullish sentim
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