Tether (USDT), the largest stablecoin in the world has added more than $1 billion into its market capitalization within the duration of just nine days. Tether’s market cap has now surged above $19 billion after growing from $18 billion. With this market cap, Tether is currently holding the fourth spot as XRP recently snatched the third position from the famous stablecoin.
Tether’s market cap is now over $19 billion
Since the beginning of this year, the market capitalization of Tether (USDT) has been on a significant rise. When the year 2020 started, the market cap of USDT was standing at around $4 billion at that time. In the month of August, this value increased to $10 billion for the first time in the history of Tether. From this figure, the market cap of USDT has risen high by more than 90 percent and has now reached $19.1 billion.
It has added more than $2 billion alone in the month of November. At the beginning of this month, Tether’s market cap was standing at around $16.5 billion. This means that so far now the major stablecoin has witnessed a growth of more than 15 percent in its market capitalization. The Chief Technical Officer (CTO) of the cryptocurrency exchange Bitfinex and Tether, Paolo Ardoino has provided an update on the growth of Tether’s market cap in a recent tweet.
13/08/20: 12 billion (12 days)
26/08/20: 13 billion (13 days)
4/09/20: 14 billion (8 days)
16/09/20: 15 billion (12 days)
22/10/20: 16 billion (36 days)
05/11/21: 17 billion (14 days)
17/11/20: 18 billion (13 days)
26/11/20: 19 billion (9 days)
— Paolo Ardoino (@paoloardoino) November 26, 2020
Tether’s market cap is $17 billion more than that of USDC
By claiming the figure of $19 billion, the US Dollar-pegged stablecoin has made sure that it is still a leader in the industry of stablecoins. USD Coin (USDC) stablecoin is still far behind in terms of market cap and is holding the second spot. According to the data provided by CoinGecko, the market capitalization of Tether is approximately $17 billion more than that of the USDC stablecoin. The market cap of USDC is standing at around $2.98 billion. This stablecoin is pegged by the United States Dollar and is controlled by the San Francisco-based cryptocurrency exchange Coinbase and Circle, the issuer of this stablecoin.
Where the rest of the cryptocurrency market including the top-ranked digital currency Bitcoin has witnessed a price crash recently, Tether’s market cap has been growing on the other hand. This price crash did not impact Tether.
Meanwhile, the price value of USDT is still trading stable at around the figure of $1 despite the growing market capitalization.