USDT market cap surges, while USDC and BUSD record massive declines.
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Tether USD (USDT), the largest stablecoin by market capitalization, is witnessing an impressive surge in its valuation, having recently hit an 11-month-high market cap.
Meanwhile, USD Coin (USDC) and Binance USD (BUSD) have each observed record declines in their respective market capitalizations.
Notably, USDT’s market cap recently crossed the $80 billion threshold for the first time since it dropped below the mark at the start of the Terra collapse in May 2022. Having begun the year with a valuation of $65.36 billion, USDT has added $14.89 billion to its market cap in 2023. The stablecoin’s valuation currently stands at $80.25, an 11-month-high.
This increase indicates that investors are pumping more funds into USDT. In contrast, USDC and BUSD are witnessing massive outflows that have elicited concerns among investors. Particularly, USDC’s market cap has plummeted to an 18-month low of $32.59 billion.
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