The market cap of tether (USDT), by far the largest stablecoin in the market, has skyrocketed past $ 50 billion today. The company of the same name has just announced that:
Tether is a so-called stablecoin whose value is 1: 1 pegged to the US dollar (USD). Tether is bigger than all other stablecoins in the market put together and has seen unprecedented growth over the past year.
Last April, the total market capitalization was still at $ 4.2 billion, an increase of almost 1,100% in a year. In the last month alone, $ 10 billion in USDT was printed.
“Exceeding a market cap of $ 50 billion is an incredibly important milestone for Tether. Tether’s success is a blueprint for a Central Bank Digital Currency (CBDC) and a banking system of the future. We are truly honored by the critical role Tether now plays in the digital token ecosystem across countless protocols and applications. ”
Said Paolo Ardoino, CTO of Tether and sister company Bitfinex. The use of tether is very popular among crypto traders and this growth is generally seen as bullish for the bitcoin (BTC) rate.
Tether was finally listed on major US cryptocurrency exchange Coinbase recently. It was also announced earlier this month that the stablecoin will be transferred to Polkadot (DOT).
Tether was the subject of controversy for years. Rumors circulated that the company would not have enough reserves to fully cover the stablecoin. It was also the subject of an investigation by the New York Attorney General (NYAG).
In February, Tether had reached a $ 18.5 million settlement with NYAG. Tether also recently released a report that showed that the company has enough reserves in house, although it was not a real audit.