A record high for the biggest stablecoin comes as BTC cools around its highest-ever levels around $23,000. Tether (USDT), the biggest crypto stablecoin, has now surpassed a $20 billion market cap for the first time in its existence.
Based on December 18 data confirmed by the firm, Tether is now a $20 billion asset and the fourth biggest crypto by market cap. Since September, Tether’s market cap doubles since September 2021. An official Twitter update reads:
“Tether has just surpassed a $20B market capitalization! This fantastic milestone is another confirmation for Tether maintaining its number one spot as the most liquid, stable and trusted currency!”
Tether’s market capitalization has been increasing at a record pace throughout the last quarter. Notably, it passed $10 billion barely three months ago. “BAM!” CTO Paolo Ardoino responded to this news.
Frequent minting of new tokens has proven quite controversial in the past, as some researchers allege that it artificially enhances bitcoin price growth instead of merely offering liquidity incentives. Continuing legal problems for iFinex, owner of Bitfinex exchange and Tether, have added to suspicions.
Nevertheless, the appetite for the Tether token as the go-to entry and exit point for other cryptos and DeFi tokens has only accelerated in 2021. This scenario has made Tether the most popular stablecoin asset in the current market.