[Blockchain Today Reporter Ji-Hye Han] The world’s most liquid stablecoin Tether (USDT) recorded a market cap of more than $40 billion on the 24th (local time), showing the result of rapid growth in cryptocurrency investment over the past year.
According to CoinGecko, the market size of Tether climbed to the highest of $40.1 billion on this day, making it the fourth-largest digital asset after Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
In the stablecoin ranking, Teter is four times larger than the USD 10 billion USD coin (USDC). According to Mesari, USDT currently holds about 67%.
Tether’s market cap has increased tenfold over the past 12 months, reflecting the remarkable growth of the cryptocurrency market. The market capitalization of the entire cryptocurrency market surpassed $1 trillion for the first time in January, before exceeding $1.8 trillion earlier this month.
USDT is considered a belligerent stablecoin because it is supplied by reflecting the demand for cryptocurrency in the market. USDT is a currency that measures the value of cryptocurrencies on major exchanges, including Bitfinex, one of the markets with the largest circulation of BTC in the world.
However, it has been under intense scrutiny over the past time for claims that this stablecoin is only loosely linked to the US dollar. The relationship with Bitfinex, the best cryptocurrency exchange, also led to a intensive investigation by USDT.
As Bitfinex and Tether reached an agreement with the New York Attorney General’s office against Tether earlier last month, the widespread uncertainty and suspicion subsided. The company was ordered to pay $18.5 million in the settlement process and agreed to report its holdings quarterly over the next two years.
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