USDT total supply hits $83.5 billion as bear market pushes users to the leading stablecoin
Join Our Telegram channel to stay up to date on breaking news coverage Since 2017, whenever the crypto market suffered a bearish period, crypto users had a choice to either cash out or convert their coins and tokens into stablecoins like Tether (USDT). Thanks to the fact that USD backs USDT, its price is fixed, so it does not get affected by the volatility of the bear and bull markets. Over the years, many more stablecoins were launched, but despite its past controversies, Tether never lost its dominance. Even now, in 2023, the prolonged bearish crypto market is pushing users toward USDT while other cryptocurrencies trade in the red. In fact, the demand has been so great that Tether had to increase its supply, which hit $83.5 billion earlier this week. This made its total supply near its all-time high of $84.1 billion. Tether previously reached this level last year, in 2022, while the crypto winter was at its strongest point. 1/ 📊 The total supply of $USDT has r...