The most popular stablecoin, Tether, has propelled its way into the third-largest position by cryptocurrency market capitalization. At the time of publication, a number of market valuation aggregators show that Tether’s market cap is between $9.1 to $10.1 billion.
Tether (USDT) is a well known stablecoin token issued by the company Tether Limited. The company claims each token is backed by a single U.S. dollar, but during the last few years, the firm admitted the backing included loans as well.
USDT has always been controversial, but even with the contention, tether is the most popular stablecoin by far. This week cryptocurrency proponents have been discussing how tether’s market cap has grown massively since the beginning of 2020. Since January, USDT’s market valuation spiked by 144%.
Today the market data and analysis web portal, Messari, tether (USDT) has a $10.2 billion market valuation and $1.4 million in 24-hour global trade volume. Statistics on Coinmarketcap.com indicates that the market cap for tether (USDT) is $9.1 billion and a whopping $20 billion in 24-hour trades.
A number of other market aggregators show tether’s market valuation is just above the $9.1 billion mark. There also a number of other stablecoins that are doing well growth-wise, but not nearly as exponential as USDT.
The second-largest stablecoin by market valuation is USDC, a stablecoin token created by Circle. USDC is close to reaching a $1 billion market cap with $927,077,875 worth of USDC coins in circulation. The stablecoin BUSD launched by the crypto exchange Binance has a $165,876,444 market valuation at the time of publication.
Paxos Standard, otherwise known as PAX, has a $244,966,858 market cap, which is well above BUSD. This is followed by trueusd (TUSD $144M) and gemini dollar (GUSD $9.8M). Gemini’s stablecoin is barely a blip on the radar when it comes to the rest of the stablecoin competition.
In addition to tether’s (USDT) rise to a $10 billion dollar market, the coin has moved a massive amount of USDT value from the Omni Layer network over to the Ethereum network. In fact, 60% of tethers have been issued as ERC20 tokens to-date.
At press time, there are 6,037,847,550 USDT tokens that leverage the ERC20 standard. The Ethereum blockchain holds a large majority of stablecoins as well (that are mentioned above) and the network’s value transfer is dominated by stablecoins.
What do you think about tether’s (USDT) whopping $10 billion dollar market cap? Let us know what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tether USDT logo
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