The supply of USDT has reached a new ATH, seems like the money printer is just not stopping…

One aspect for what the year 2022, apart from it being a very bloody year, was about are the Stablecoins Wars, kicked off by the now demised UST and countless “war declarations“ by Do Kwon to DAI, USDT and more. Then after the collapse of UST someone had to take over the market share of it. USDC and USDT were the frontrunners, but later on we also had BUSD entering it as Binance wanted their share of the pie.

Now at the end of it, BUSD and USDC are being targeted by the regulators, while USDT has sneaked it‘s way out as the Kind of Stablecoins you would say.

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Chart from Will Clemente, showing Circulating Supply of USDT

Now it is picking up steam again, USDT has just reached an All-time high circulating supply, which was recently reached in early 2022. This just shows that after a year long bear market Tether is back at it‘s old glory and it also shows how the Crypto Market is getting back to those levels, as the supply of Tether has always been very correlated with the Crypto Market.

But it obviously also shows how after all of the doom and gloom of 2022, USDT is still able to put on the printer with still no real Proof of Reserves, so basically from the perspective of our normal investor they are printing our of thin air.