Bitcoin’s market capitalization reached a new high on Monday, due to the near-record high prices and 27 months of supply since its peak.
Bitcoin isn’t the sole crypto to set records.
Tether’s USDT has finally reached its ninth zero and now has a supply of 100 044,694,548 Tethers. It’s nearly 3.4x more than the USDC stablecoin from Circle, which is the number two.
CoinGecko stablecoin rankings show that tether has a volume of trading almost five times larger than its closest competitor, FDUSD. FDUSD is used almost exclusively to grease Binance’s liquidity.
USDT plays an important role in Binance. Its reach, however, is extensive, with USD trading pairs available on more than 200 centralized exchanges around the world.
USDC is a major player in DeFi. It appears on the list of top DEXes.
Paolo Ardoino (CEO of Tether) and the frontman for the operation, called it “a special occasion” “a testament to Tether’s pivotal role in reshaping the landscape of digital finance.”
“Surpassing the $100 billion market cap is not just a numerical achievement,” He said this in a Blockworks statement. “Our success is not measured solely by market capitalization but by the trust and confidence instilled in us by our customers.”
Stablecoins continue to beguile their staunchest critics, who are mystified at its inability to crumble despite many trials, both literal and metaphorical, throughout the years.
USDT scores well on this test. The most stable currency is Tether.
While it will likely remain controversial, market acceptance and improved transparency have helped USDT become only the fifth crypto ever to surpass the $100 billion milestone, joining Bitcoin, ether BNB, and XRP. Although the latter two are still below the mark.
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