Tether credits USDT growth surge to ETF excitement, emerging markets

Tether (USDT), the biggest stablecoin by market price, has actually been breaking new records over the course of 2023, with its market capitalization including at least $20 billion so far this year.According to data from the blockchain data provider Whale Alert, Tether has actually minted 22.75 billion USDT up until now this year, with at least 4 billion USDT being issued over the previous four weeks.After starting the year with a market cap of approximately $66 billion, Tether USDT has been progressively acquiring momentum, with its market price going beyond $80 billion in April 2023. On Nov. 14, USDT market cap briefly struck $87 billion, according to information from CoinGecko.Tether USDT all-time market capitalization. Source: CoinGeckoAccording to a representative for Tether, the ongoing USDT development ought to be attributed to 2 crucial reasons, consisting of the ongoing market excitement around the possible approval of an area Bitcoin exchange-traded fund (ETF).” There is a growing interest in Bitcoin from institutional investors, driven by the enjoyment around the possibility of a Bitcoin ETF,” a Tether representative said.Related: First deadline window looms for SEC to authorize Bitcoin ETFs: Law DecodedTethers record-breaking growth has also been sustained by growing need in emerging markets, according to the companys representative. The USDT stablecoin has been “progressively establishing itself as the de-facto digital dollar” for all emerging markets and developing nations, the representative stated, adding:” There remain in reality many nations struggling with the decline of their national currencies compared to the dollar, for this reason all the neighborhoods living in those nations are looking for protection […] USDT is the most relied on asset for them.” Citing public information from the Brazilian federal government, Tether sai that Tether USDT represent 80% of all crypto transactions in Brazil. “This pattern is comparable to tens of other nations,” the representative noted.While Tether has actually been seeing this rise, some major stablecoins like Circles USDC (USDC) have failed to gain much momentum in 2023. After peaking at $55 billion in June 2022, USDC market capitalization has gradually dropped and continued to decrease in 2023. Considering that January 2023, USDC has actually lost $20 billion in market price, or about 45%. At the time of composing, USDCs market cap stands at $24 billion, according to CoinGecko.Magazine: How to safeguard your crypto in a volatile market– Bitcoin OGs and experts weigh in