According to data from Santiment, the share of Tether (USDT) on exchanges has risen by 20% in the past three months. The ratio rose from 19.7% on May 9 to 42% on August 10.
This is the first time since April 2020 that the exchange’s USDT supply has increased above 42%. Meanwhile, Tether resumed minting on July 29 and has since added billions to its market cap. Many in the crypto community see the increase in stablecoin supply as a bullish sign.