As the US dollar-backed stablecoins crisis continues, Tether appears to be the biggest gainer from the current crisis faced by other major competitors.

For the first time in eleven months, USDT supply across all exchanges almost hit its $83 billion all-time high after reaching $80 billion.

According to CoinMarketCap, In the past 24 hours, USDT had a trading volume of $25 billion, trading far above its closest rival USDC with a trading volume of six times more than that of USDC within the same period, also, in 2023 alone, the market cap of USDT has increased by roughly $14 billion, meanwhile, other USDT major rivals namely USDC and Binance USD has dropped notably by $12 billion and $9.4 billion respectively.

It is no surprise that USDT is gapping other stablecoins more than it used to, this is because the major competitors which are dollar-backed stablecoins have been facing various crises of recent, for instance, Paxos, the issuer of Binance USD after running into trouble with the regulators has been ordered to stop minting the BUSD, also, Circle, the issuer of USDC stablecoin had a notable exposure to the collapsed Silicon Valley Bank, although, it had been rescued by Armstrong Coinbase.

Another factor to consider on why the USDT is tapping other major competitors is the US crypto crackdown, which has of course led to investors exploring non-dollar-backed stablecoins of which Tether appears to be the better choice.

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