The on-chain tracking platform Glassnode Alerts has reported a decline in the volume of Tether (USDT) flowing onto cryptocurrency exchanges.
According to a recent post, the USDT exchange inflow volume (7-day Moving Average) has reached a one-month low of 18,420,750.594 USDT.
This decrease in exchange inflow volume comes after the previous one-month low observed on September 22, 2023, when the USDT exchange inflow volume (7-day MA) dropped to 18,421,739.041 USDT.
At the time of reporting, CoinMarketCap indicated that Tether, the leading stablecoin by market capitalization, was maintaining its peg to the U.S. Dollar.
USDT’s collective market capitalization was approximately $83.21 billion, making it the third-largest cryptocurrency on CoinMarketCap’s list.
Over the past 24 hours, USDT’s trading volume experienced a 30.81% decrease. Consequently, the stablecoin’s total trading volume stood at just over $11 billion.
This decline in USDT’s trading volume coincided with a broader 31.28% decrease in the cryptocurrency market’s overall trading volume, which reached $14.9 billion during the same period. Notably, 90.29% of this total volume was associated with stablecoins.
Despite the decrease in trading volume, Tether maintained a comfortable lead over its stablecoin competitors, including USD Coin (USDC) and TrueUSD (TUSD).
USDC, with a market capitalization of approximately $25.77 billion, was ranked as the sixth-largest cryptocurrency, while TUSD occupied the 21st position with a market cap of $3.51 billion. Unlike USDT and USDC, TUSD was trading slightly below the $1 mark, at $0.9993.
Expectedly, USDT accounted for the majority of the trading volume in the stablecoin market, with USDC and TUSD contributing $1.5 billion and $80 million, respectively, to the combined $13.34 billion stablecoin trading volume.