‘BAM!’ Tether celebrates as USDT market cap passes $20 billion

Spread the love

Tether (USDT), the largest cryptocurrency stablecoin, has passed a $20 billion market cap for the first time.

According to data confirmed by the company on Dec. 18, Tether is now a $20 billion asset and the fourth-largest cryptocurrency by market cap.

“Tether has just surpassed a $20B market capitalization!” an official Twitter update reads.

“This fantastic milestone is another confirmation for Tether maintaining its number one spot as the most liquid, stable and trusted currency!”

Tether’s market cap has been increasing at an almost record pace throughout the past quarter, passing $10 billion just three months ago.

“BAM!” CTO Paolo Ardoino responded to the news.

image
Tether (USDT) market cap year-to-date chart. Source: CoinMarketCap

Regular minting of new tokens has proven controversial in the past, as some researchers claim that it artificially boosts Bitcoin (BTC) price growth instead of merely providing liquidity incentives. Ongoing legal problems for iFinex, owner of both Tether and exchange Bitfinex, have added to suspicions.

RECOMMENDED READ:  Stellar Price Movement Analysis for 1st February 2021

Nonetheless, appetite for Tether as the go-to entry and exit point for other cryptocurrencies and DeFi tokens has only accelerated this year, making USDT far and away the stablecoin asset of choice.

 199 Interactions,  2 today

READ ALSO:
Oxygen DeFi project get news $40m investment by Alameda

Alameda Research led a $40 million investment round in Oxygen, a DeFi Prime Brokerage Protocol based in Solana. Alameda Research Read more

Why Peirce thinks that DeFi would provide SEC with a successful regulatory test

The SEC commissioner described the DeFi space as "a work in process" but "alluring." overall. Hester Peirce, U.S. Commissioner. The Read more

Why triumvirate possible among Binance Smart Chain, DeFi, Ethereum

The growth of Binance Coin (BNB) has shocked the crypto industry, but has also contributed to the emergence of another Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: