There is now a whopping $ 60 billion worth of tether (USDT) in circulation. That is what the publisher of the same name of the largest stablecoin on the market announced yesterday:
Tether reports that only $ 8 billion USDT existed in May 2020, so that’s a whopping 581% increase in a year. The market cap was only just above $ 50 billion at the beginning of this month and has continued to rise in recent weeks despite the rest of the cryptocurrency market taking a heavy blow.
“In recent days we have seen tremendous volatility in the crypto markets. While it's not new to those of us who have seen several of these market cycles come and go, it came as a shock to many of the newer entrants as billions of dollars in positions were liquidated all weekend. During these extreme episodes, we have historically seen a surge in stablecoin activity, as evidenced by Tether's recent $ 60 billion milestone. Events like these even support the strength of the ecosystem and help everyone to refocus on building rather than the distraction of symbolic price gains. ”
Said Paolo Ardoino, CTO of Tether. The USDT stablecoin is now again the third largest crypto in the market by market cap, thanks in part to the falling price of the Binance Coin (BNB) in recent weeks. Yesterday, another billion new USDT were printed, Whale Alert reports:
This month, USD Coin (USDC) has also risen sharply. The rival’s total market cap, issued by Coinbase and Circle, reached $ 20 billion yesterday and grew by some $ 5 billion in the past two weeks. There are now more than $ 100 billion stablecoins in circulation.