Surge in Stablecoin Market Cap Driven by Tether’s USDT Growth on Centralized Exchanges

The market capitalization of stablecoins has surged to $169 billion by the end of September, led by Tether’s USDT. This growth is attributed to increased USDT reserves on Ethereum and TRON-based centralized exchanges, signaling higher liquidity and potential market movements.

By the end of September, the market capitalization of US dollar-pegged stablecoins surged to $169 billion, marking a 31% increase since the beginning of the year. This rise is primarily driven by Tether’s USDT, which has seen substantial growth in the reserves of centralized exchanges.

According to recent data, USDT (ERC20) balances on Ethereum-based exchanges have skyrocketed to $22.7 billion, reflecting an impressive 54% rise since January 2023. During the same period, centralized exchanges also accumulated approximately $8.5 billion in USDT issued on the TRON network.

The growth in USDT (ERC20) on exchanges, which jumped from $9.2 billion to $22.7 billion—a 146% increase—demonstrates the significant impact of stablecoins in enhancing liquidity across crypto platforms. This influx signals that centralized exchanges are now better equipped to support large trades and could indicate the possibility of notable market movements in the near future.

The stablecoin market continues to be a crucial factor in providing liquidity and stability within the volatile cryptocurrency landscape, allowing traders to make seamless transitions between digital assets while maintaining value.

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