USDT market cap hits an 11-month-high while BUSD and USDC drop to lows not seen in over a year
Highlights
- Tether USD (USDT) is the largest stablecoin by market capitalization, having recently hit an 11-month-high market cap.
- USDT’s market cap recently crossed the $80 billion threshold for the first time since it dropped below the mark at the start of the Terra collapse in May 2022.
- Meanwhile, USD Coin (USDC) and Binance USD (BUSD) have each observed record declines in their respective market capitalizations.
- USDC’s market cap has plummeted to an 18-month low of $32.59 billion.
- BUSD has been relegated to 12th on the list of largest crypto assets by valuation.
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