Tether's USDT Market Cap Surges $20B+ in 2023 on Emerging Market Demand and Bitcoin ETF Hopes
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Tether's USDT market cap has added $20B+ in 2023 amid excitement around a potential Bitcoin ETF approval.
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Tether credits emerging markets for fueling demand as USDT becomes a "de-facto digital dollar."
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USDT accounts for 80% of crypto transactions in Brazil, a pattern mirrored in dozens of countries.
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Rival stablecoin USDC has lost $20B in market cap so far in 2023.
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Tether sees institutional interest in Bitcoin driving USDT growth on expectations of a spot BTC ETF.