Tether’s Capitalization Fell by More Than $1 Billion in October

Against the background of an active competition of stablecoins, a massive outflow of funds from Tether continues – since the beginning of October, the capitalization of the USDT token has decreased by more than $1 billion.

On October 30, Tether Limited pulled out of circulation $100 million, reducing the total volume of tokens to 1.8 billion. This was followed by another $50 million the next day.

In total, since the beginning of October, Tether removed about 990 million tokens from circulation. It is noteworthy that last year, about 450 million USDT were in circulation at this point. With the current price of just under $1, token capitalization has decreased over the past month by more than $1 billion and more than 37% in the history.

On October 31, Tether, who was in eighth place in the CoinMarketCap ranking for a long time, moved down one line. At the time of publication, Monero is separated by a little more than $60 million and Cardano by $50 million on the 8th place.

Note that on Thursday, November 1, Tether sent 10 million USDT tokens to the Bitfinex exchange account.

While Tether is experiencing obvious difficulties, its competitors TrueUSD, USD Coin and Paxos Standard are showing rapid growth. The total capitalization of these stablecoins to date has exceeded $400 million. And although this doesn’t compare with Tether’s loss of $1 billion, this fact suggests that the USDT is losing confidence due to the opacity of operations, problems with banks and dubious links with Bitfinex.

Read also: Tone Vays: Tether Will Inevitably Cease To Exist