{"id":464661,"date":"2022-06-17T16:22:45","date_gmt":"2022-06-17T13:22:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tethers-usdt-market-cap-dips-below-70b-for-an-8-month-low\/"},"modified":"2022-06-17T16:22:45","modified_gmt":"2022-06-17T13:22:45","slug":"tethers-usdt-market-cap-dips-below-70b-for-an-8-month-low","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tethers-usdt-market-cap-dips-below-70b-for-an-8-month-low\/","title":{"rendered":"# Tether&#8217;s USDT market cap dips below $70B for an 8-month low"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a277b5478de0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a277b5478de0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/tethers-usdt-market-cap-dips-below-70b-for-an-8-month-low\/#%E2%80%9D_Tethers_USDT_market_cap_dips_below_70B_for_an_8-month_low_%E2%80%9C\" >&#8221; Tether&#8217;s USDT market cap dips below $70B for an 8-month low &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Tethers_USDT_market_cap_dips_below_70B_for_an_8-month_low_%E2%80%9C\"><\/span>&#8221; Tether&#8217;s USDT market cap dips below $70B for an 8-month low &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Tether (USDT), the biggest stablecoin and the third-largest digital currency by market capitalization continues losing its market value amid the current market downturn.<\/p>\n<p>On Thursday, USDT\u2019s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May.<\/p>\n<p>At the time of writing, Tether USDT\u2019s market capitalization <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/tether\">stands<\/a> at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/2a358223-c873-4d28-868a-47871ec1a38a.png\"><figcaption style=\"text-align: center;\"><em>USDT 90-day market capitalization chart. Source: CoinGecko<\/em><\/figcaption><\/figure>\n<p>Tether\u2019s biggest rival, USDC, is the second-largest U.S. dollar-pegged stablecoin backed by the peer-to-peer payments <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> company Circle. The stablecoin reached $50 billion market cap in February and has never beaten Tether\u2019s market cap so far.<\/p>\n<p>While Tether has been losing its market share over the past few weeks, other stablecoins like the USD Coin (USDC) have been gaining value recently. As such, USDC&#8217;s market cap <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/usd-coin\">surged<\/a> from about $48 billion in mid-May to $55 billion in mid-June.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/1301ca46-b17f-4f4f-a658-60deb4ad2d1d.png\"><figcaption style=\"text-align: center;\"><em>USDC 90-day market capitalization chart. Source: CoinGecko<\/em><\/figcaption><\/figure>\n<p>Tether\u2019s shrinking market cap comes amid the ongoing market panic and uncertainty, with the market capitalization of all cryptocurrencies dropping below $1 trillion for the first time since February 2021.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Total supply of stablecoins dropped sharply for first time ever in Q2<\/em><\/strong><\/p>\n<p>Tether firm has been actively posting statements to assure investors that the company has not been affected by the ongoing crypto lending crisis. On Monday, Tether declared that issues around the crypto lending platform Celsius had nothing to do with the firm and would not impact USDT reserves.<\/p>\n<p>Tether subsequently announced plans to get rid of commercial paper backing for the USDT stablecoin on Wednesday. The firm did not respond to Cointelegraph\u2019s request for comment.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/tether-s-usdt-market-cap-dips-below-70b-for-an-8-month-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Tether&#8217;s USDT market cap dips below $70B for an 8-month low &#8220; Tether (USDT), the biggest stablecoin and the third-largest digital currency by market capitalization continues losing its market value amid the current market downturn. On Thursday, USDT\u2019s market cap dropped below $70 billion for the first time since October 2021. The drop followed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":464662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZTBkYmQxMDItYjE1Ni00YzQ4LWFkNDktYmU3ODNkZDRlNTY2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,75679,75493,82350,36041],"class_list":["post-464661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-market-capitalization","tag-stablecoin","tag-usd-coin","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=464661"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/464661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/464662"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=464661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=464661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=464661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}