The market cap of Tether (USDT), the world’s most liquid stablecoin, surpassed $ 40 billion on Wednesday.
Tether’s market cap reached $ 40.1 billion on Wednesday, according to CoinGecko data, making it the fourth largest cryptocurrency in terms of market capitalization, behind Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
Tether is four times bigger than USD Coin (USDC) with a market capitalization of about $ 10 billion in the stablecoin ranking. USDT’s stablecoin market dominance is currently around 67 percent, according to Messari data.
Tether’s market cap has grown tenfold over the past 12 months, reflecting the phenomenal growth in the cryptocurrency market. The total value of the cryptocurrency market exceeded $ 1 trillion for the first time in January and reached $ 1.8 trillion as of March.
Tether has just surpassed a $40B market cap!
In March 2020, Tether’s market cap was $4 billion! Since then, we’ve seen 900% growth in only one year!
Stay up to date on our official Telegram channel ⬇️https://t.co/137b5oOauU pic.twitter.com/DTZ0aO8Cm0
— Tether (@Tether_to) March 24, 2021
USDT is seen as a leading stablecoin as it reflects the market’s demand for cryptocurrencies. USDT is the base currency for cryptocurrency pairs on most major exchanges, including Bitfinex.
On the other hand, the stablecoin has been the target of claims that it has not been indexed exactly to the dollar in recent months. USDT’s ties to Bitfinex also sparked criticism.
Bitfinex and Tether reached an agreement with the New York Attorney General’s office last month and paid $ 18.5 million in fines. Within the scope of the agreement, the reports of USDT reserves will be shared with the public for the next two years.