As of October 27, 2023, the circulating market cap of Tether (USDT) is $84.40 billion. This means that there are currently 84.39 billion USDT in circulation, with each USDT trading at a price of approximately $1.000045.

Tether is a stablecoin, which is a type of cryptocurrency that is pegged to the value of a fiat currency, such as the US dollar. Stablecoins are designed to offer price stability and liquidity in the cryptocurrency market, and they are often used as a medium of exchange for other cryptocurrencies.

Tether is the most popular stablecoin in the world, and it is widely used by cryptocurrency traders and investors. USDT is also used in a variety of other applications, such as decentralized finance (DeFi) and online gaming.

Why is Tether's circulating market cap so high?

There are a number of reasons why Tether's circulating market cap is so high. First, Tether is widely used as a medium of exchange for other cryptocurrencies. USDT is supported by most cryptocurrency exchanges, and it can be used to buy and sell other cryptocurrencies quickly and easily.

Second, USDT is used in a variety of other applications, such as DeFi and online gaming. DeFi is a growing ecosystem of financial services that are built on blockchain technology. USDT is often used as a collateral for DeFi loans, and it is also used to make payments in DeFi applications.

Third, Tether is seen as a safe haven asset by many cryptocurrency investors. In times of market volatility, investors often flock to Tether to preserve their capital. This is because USDT is pegged to the US dollar, which is a relatively stable currency.