{"id":356088,"date":"2023-11-06T09:00:28","date_gmt":"2023-11-06T03:30:28","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=356088"},"modified":"2023-11-05T19:41:05","modified_gmt":"2023-11-05T14:11:05","slug":"what-usdts-yoy-growth-means-for-other-stablecoins","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-usdts-yoy-growth-means-for-other-stablecoins\/","title":{"rendered":"What USDT&#8217;s YoY growth means for other stablecoins"},"content":{"rendered":"<ul>\n<li><em>Demand for stablecoin increased, while USDT&#8217;s supply reached its ATH.<\/em><\/li>\n<li><em>The coin&#8217;s Social Dominance jumped, indicating early signs of the bull market<\/em>.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The battle for the stablecoin king may be done and dusted as <\/span><span style=\"font-weight: 400;\">Tether [USDT]<\/span><span style=\"font-weight: 400;\"> continues to prove that no other project in the sector may be able to match the authority it has. On a number of occasions, AMBCrypto has <\/span><a href=\"http:\/\/ambcrypto.com\/usdts-presence-grows-in-latam-leaves-bitcoin-behind\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">disclosed<\/span><\/a><span style=\"font-weight: 400;\"> how USDT has maintained the top spot.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">USDC\u2019s market cap in USDT&#8217;s terms<\/span><\/a><\/p>\n<hr \/>\n<p>This time, it was no different, based on a new revelation by IntoTheBlock. According to the blockchain insight platform, USDT\u2019s supply crossed 84 billion on 5 November.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">New milestone for USDT: Supply surpassed 84 billion, setting an all-time high just last week! This represents a 22% year-over-year growth.<br \/>\ud83d\udd17<a href=\"https:\/\/t.co\/vSgB5HA3qC\">https:\/\/t.co\/vSgB5HA3qC<\/a> <a href=\"https:\/\/t.co\/F6qZv2AHTg\">pic.twitter.com\/F6qZv2AHTg<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1721101349566156974?ref_src=twsrc%5Etfw\">November 5, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Typically, when a cryptocurrency supply outweighs demand, its price may drop. But in the case of stablecoins, it is not the same. Here, the greater the supply, the more the demand and adoption.\u00a0<\/span><\/p>\n<h4>No other match for the king stablecoin<\/h4>\n<p><span style=\"font-weight: 400;\">The jump represents an All-Time High (ATH) and a 22% Year-on-Year (YoY) increase. After IntoTheBlock disclosed the data, the AMBCrypto team looked into the reasons for the hike. From our evaluation, there were several reasons for USDT\u2019s dominance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One reason for this <\/span><a href=\"http:\/\/ambcrypto.com\/what-usdts-rising-dominance-means-for-the-stablecoin-sector\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">increase<\/span><\/a><span style=\"font-weight: 400;\"> could be linked to the market recovery. For example, <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span>,<span style=\"font-weight: 400;\"> which started the year around $16,000 was now trading at $35,000. This increase is a testament that the bear market was almost at its end, and the bull market was incoming.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Usually, when signs like this arise, market participants take it as an opportunity to arm themselves with stablecoins. It is also not surprising that USDT is the preferred option for the broader market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike other stablecoins, the number of times USDT has depegged from the U.S. dollar has been fewer. The noteworthy <\/span><a href=\"http:\/\/ambcrypto.com\/usdt-deciphering-the-depegging-mystery-amid-declining-volatility\/#:~:text=Stablecoin%20depegs%20are%20a%20common,during%20a%20low%20volatility%20period.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">period<\/span><\/a><span style=\"font-weight: 400;\"> was during the <\/span><span style=\"font-weight: 400;\">Terra Luna [LUNA]<\/span><span style=\"font-weight: 400;\"> collapse and <\/span><a href=\"http:\/\/ambcrypto.com\/breaking-ftx-founder-sam-bankman-fried-found-guilty-on-all-7-counts\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FTX contagion<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other reasons for the hike in the supply could be linked to the decrease in trust toward <\/span><span style=\"font-weight: 400;\">Circle [USDC]<\/span><span style=\"font-weight: 400;\">. This was largely because of the project\u2019s links with some banks\u2019 collapse earlier in the year.<\/span><\/p>\n<h4>The bull may already be here<\/h4>\n<p><span style=\"font-weight: 400;\">Another metric proving USDT\u2019s dominance is <\/span><a href=\"https:\/\/app.santiment.net\/charts\/QTMy9bdc__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Social Dominance<\/span><\/a><span style=\"font-weight: 400;\">. According to data assessed from Santiment, USDT\u2019s social dominance had increased to 5.95% at press time. USDC, on the other hand, had a dominance of a paltry 0.33%.<\/span><\/p>\n<figure id=\"attachment_356090\" aria-describedby=\"caption-attachment-356090\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-356090\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023.png\" alt=\"USDT social dominance and USDC social dominance\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Tether-on-Ethereum-USDT-13.35.03-05-Nov-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-356090\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The hike in the metric means that USDT was getting a lot of hype compared to other cryptocurrencies in the top 100. A quick refresher could be linked to two different periods when social dominance is at its highest.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 USDTs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">One is the U.S. overnight trading hours. Another is when the bull market is at its peak or is starting to pick up. So, USDT&#8217;s increase in this regard suggests that the market may continue to prefer it over other options. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, it might not be out of order to mention that the bull market is starting to gain momentum.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One rationale for USDT&#8217;s increase could be linked to the market recovery, suggesting a return to the bull cycle. But it does not end there.<\/p>\n","protected":false},"author":72,"featured_media":356089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,5825,20],"tags":[],"class_list":["post-356088","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What USDT&#039;s YoY growth means for other stablecoins - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The battle for the stablecoin king may be done and dusted as Tether [USDT] continues to prove that no other project in the sector\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/what-usdts-yoy-growth-means-for-other-stablecoins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What USDT&#039;s YoY growth means for other stablecoins - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"One rationale for USDT&#039;s increase could be linked to the market recovery, suggesting a return to the bull cycle. 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