Tether (USDT), the world’s most liquid stable, on Wednesday surpassed the market capitalization by $ 40 billion, highlighting the rapid growth in cryptocurrency investment over the past year.
At its highest point on Wednesday, Tether’s market capitalization reached $ 40.1 billion, according to CoinGecko, making it the fourth largest digital asset after bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
In terms of a stable ranking, Tether is four times larger than the USD Coin (USDC), which has a market capitalization of around $ 10 billion. USDT dominance is currently around 67%, according to to Messari.
Tether market capitalization has adult ten times in the last 12 months, reflecting the remarkable growth in the cryptocurrency market. The the total crypt market cap exceeded $ 1 trillion in January, for the first time before earlier this month, it reached $ 1.8 trillion.
Tether has just exceeded the $ 40 market limit!
In March 2020, Tether’s market capitalization reached $ 4 billion! Since then, we have seen 900% growth in just one year!
– Tether (@Tether_to) March 24, 2021
USDT is considered a stablecoincoin because its supply reflects market demand for cryptocurrencies. The USDT is the quotation currency for cryptocurrencies on several major exchanges, including Bitfinex, which has one of the most liquid BTC markets in the world.
Stablecoin has been subject to close scrutiny in the past to claim that this is the case only loosely pegged to the US dollar. Its links to Bitfinex, a leading cryptocurrency exchange, have also made the USDT intensively controlled.
Much of the fear, uncertainty, and doubt was put to rest early last month after Bitfinex and Tether. settled with the New York Attorney General’s office in the case of Tether. The companies were ordered to pay $ 18.5 million in the settlement and agree to report their provisions for the next two years on a quarterly basis.