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Tether (USDT) has now cemented itself as the third-largest cryptocurrency by market capitalization after overtaking XRP a couple of months ago. The most popular stable coin’s market cap surged upward on strong demand and has even breached the $10 billion mark.
Data from the market data and analysis web portal Messari reveal that tether’s market valuation reached $10.2 billion, Bitcoin.com reported. This means that the token’s market valuation rose by a massive 144 percent since January this year.
Meanwhile, USDT trading volume based on Coinmarketcap.com data revealed that the cryptocurrency’s 24-hour trading volume is at a whopping $20 billion. However, Coinmarketcap calculated USDT’s valuation at $9.1 billion, which is a bit lower than Messari’s data.
Based on Messari’s $10.2 billion valuation, Tether now joins the ranks of Bitcoin and Ethereum as one of the three cryptocurrencies with massive 10-figure market capitalizations, according to Decrypt. The latest data also cements USDT’s position as the third-largest cryptocurrency after it overtook Ripple (XRP) for the third spot in May this year.
With its $10 billion valuation, Tether is also the undisputed number one stablecoin. USDC, the second-largest stablecoin created by Circle, has a market valuation of $927 million.
The other notable stablecoins are Paxos Standard (PAX) with a $245 million market cap as well as BUSD, the stablecoin issued by cryptocurrency exchange Binance with a market cap of $165 million. They are followed by trueusd (TUSD) with $144 million and gemini dollar (GUSD) with its $9.8 million valuation.
According to Decrypt, the main growth driver for USDT comes from China with its over-the-counter (OTC) desks and brokerage services selling Tether to Chinese clients who can’t purchase Bitcoin. The Chinese government outlawed Bitcoin trading against the yuan forcing investors to look for other alternatives, such as the USDT.
Tether (USDT) is issued by a company called Tether Limited. The firm said that each token issued is backed by a U.S. dollar but controversies arose when the company admitted that the dollar backing actually included loans. There were even accusations that the supposed reserves do not exist but, judging by the token’s popularity, it looks like investors aren’t paying too much attention to these controversies.
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