Copyrighted Image by: Jakub Porzycki via Reuters Connect

GLOBAL - Tether (USDT) has strengthened its status as a dominant stablecoin, with its market capitalization now exceeding $93 billion, bolstered by a recent issuance of 1 billion USDT on the Ethereum network. This growth is part of an aggressive minting strategy, highlighted by a $2 billion minting event that signals robust investor confidence and may foreshadow upcoming market price increases.

In contrast, USDC, the stablecoin backed by Circle, has experienced a downturn, with its market valuation decreasing to approximately $25 billion, a drop influenced by the U.S. banking crisis in March 2023. Despite this setback, Coinbase (NASDAQ:COIN) is actively working to expand USDC's footprint, partnering with platforms such as Yellow (OTC:YELLQ) Card to enhance its adoption in African markets.

The Tron network has played a significant role in Tether's ascension, as USDT on Tron is increasingly adopted as a preferred global crypto payment system. This trend underscores the shifting landscape of the stablecoin market, where Tether's strategic moves are carving a strong position.

https://www.investing.com/news/cryptocurrency-news/tether-surpasses-93-billion-valuation-leads-stablecoin-market-93CH-3273627