Largest stablecoin sets new record as Bitcoin consolidates around its highest levels ever
Tether (USDT), the largest stablecoin in the cryptocurrency industry, has surpassed a $20 billion market cap for the first time in its history.
According to data confirmed by the company on December 18, Tether is now a $20 billion asset and the fourth largest cryptocurrency in terms of market cap.
Tether’s market cap has doubled since September
„Tether has just surpassed a $20 billion market capitalization!“ announced an official update on Twitter.
„This fantastic milestone is further confirmation of Tether’s consolidation into the top spot as the most liquid, stable and reliable currency!“
Over the course of the last quarter, Tether’s market cap increased at near-record speed, surpassing $10 billion just three months ago.
„BAM!“ commented Bitfinex CTO Paolo Ardoino reacting to the news.
In the past, the regular issuance of new tokens has proven to be a controversial issue, as some researchers argue that it artificially boosts Bitcoin (BTC) price growth instead of merely providing liquidity incentives. Legal issues currently affecting iFinex, the company that owns Tether and the Bitfinex exchange, contribute to the suspicions.
However, Tether’s position as traders‘ preferred entry and exit point for other cryptocurrencies and DeFi tokens has only strengthened this year, making USDT by far the most widely used stablecoin asset.