Since August, the volume of USDT on cryptocurrency exchanges has been rapidly increasing. Given that from March to July, the dynamics showed no significant fluctuations amid turbulence, this is a notable change, according to CryptoQuant.
“The growth of stablecoin balances on CEX is perceived as an increase in long potential, which will positively affect the price. But this does not necessarily mean that quotes will rise,” the specialists explained.
Experts noted that bulls might refrain from buying in the event of a wave of risk aversion due to uncertainty in the global economy.
According to dashboards from The Block, since August, the number of USDT holders with balances of $1,000-10,000 has increased, while the number of holders with larger amounts has not undergone significant changes.
As of September 9, the total supply of Tether stands at $125.01 billion. The token’s share in the sector is estimated at 70.7%.
Back in January-June, Tether’s net profit reached a record $5.2 billion.
In August, the issuer of USDT announced plans to develop a stablecoin pegged to the UAE dirham.
Earlier, Tether reported the recovery of over $108.8 million in USDT since its launch in 2014 as part of investigations by 145 law enforcement agencies in 40 jurisdictions.