The largest stabelcoin, Tether [USDT] has once again made it to the headlines after hitting a market cap of $10 billion. The crypto community displays bullish sentiments.
The $10 Billion Milestone
Stablecoins came as a savior to those who wanted to enter the crypto-verse but feared the volatile nature of cryptocurrencies. Despite being fairly new to the crypto market, Tether [USDT] claimed its position as the largest stablecoin in the industry. Despite, the several allegations and legal cases against the stablecoin, it has managed to make its way to the top.
Just a few months ago, Tether outperformed prominent altcoin, XRP, and took over its place as the third-largest crypto asset. Back in March, the platform was lauded for hitting a market cap of $5 billion in the shortest time span. Now, within just four months, the market cap of USDT has witnessed a significant increase as it hit a whopping $10 billion.
During the time of writing, the market cap of Tether was $10,021,145,839. However, the market cap of XRP wasn’t far behind as it was $8.8 billion. Ethereum, on the other hand, recorded a market cap of $27.17. Even though the disparity between USDT and ETH is significant the community speculate that the stablecoin could soon dethrone Ethereum as the second-largest cryptocurrency in terms of market cap. Bitcoin remains unfazed with a market cap of $171.9 billion.
While several prominent members of the industry including, Blockstream’s Samson Mow, Tron’s Justin Sun, and many others congratulated Tether on its latest achievement, Paolo Ardoino, the CTO of Tether and Bitfinex expressed his gratitude towards the community. In a series of tweets, Ardoino pointed out that the stablecoin is widely used since ts a part of almost every crypto platform. Earlier today, Ardoino revealed in a tweet that the volume of USDT/USD hit a whopping 39 million.
? USDt/USD 24 hour volume: 39M.
Someone be like: I want my f**king tethers. pic.twitter.com/YyCiXFmTDF
— Paolo Ardoino (@paoloardoino) July 21, 2020
Along with this, the community seemed to be quite bullish about the market cap of Tether as several individuals believe that the market cap of the stable coin could soon hit $100 billion.