There were fluctuations in the crypto money markets before and after the announcement of the FED decisions. Significant increases in the supply of stable crypto assets also drew attention. With a market cap of $76.3 billion, Tether (USD) is currently the 4th largest cryptocurrency.
In addition, the 2nd largest stable crypto currency USD Coin (USDC), which continues its efforts to expand its usage area by integrating into the Avalanche network, has reached the 6th largest cryptocurrency position with a market value of 41.86 billion dollars.
The rising supply in the stable cryptocurrency space shows crypto investors holding large amounts of USDT instead of exiting the market, which may be a sign that they are on hold against market uncertainty.
Other Blockchain data shows that USDTs held on exchanges have proportionally increased by 22.5 percent, the highest level in the last 6 months. This rise can also be interpreted as an indicator of an increase in purchasing power in stock markets.
Tether, the company that issuing USDT, reached a market value of 76.3 billion dollars with the issuance of 4 billion dollars worth of new Tether in a period of approximately one month. Looking at the overall year 2021, the enormous increase in USDT supply can be seen more clearly. The market value, which was at the level of 20 billion dollars at the beginning of the year, reached a value of up to 80 billion dollars during the year and increased to 4 times.
Among other developments regarding Tether this week, the parallel government of the South East Asian country Myanmar, NGU (Government of National Unity), declared the stable cryptocurrency USDT as its official currency.
Tether transactions continue to dominate in 24-hour average trading volumes. Today, the total transaction volume is at the level of 91 billion dollars, while 61 billion dollars of this volume consists of Tether transactions. The closest transaction volumes to Tether are Bitcoin with $27.6 billion and Ethereum with 19.5 billion.