On Monday, Tether’s market cap reached $ 60 billion for the first time in history, another milestone in the growth of the stagnant currency. USDT market price, according to Tether Transparency data The quantity $ 60.4 billion at the time of writing, more than 580% from a year earlier.
Teether’s new market cap record follows a series of newly created USDT tokens at Teether Treasury. According to data from blockchain analytics service Whale Alert, at least 6 billion new Teether USDT tokens have been molded into the Treasury in the last 30 days, with the latest being 1 billion USDT. Molded On 24 May. According to an announcement by Tether, institutional and corporate demand is the main driver of Tether’s continued growth.
Teether broke into the top three cryptocurrencies by market cap with bitcoin (B T c) And ether (ETH) And gaining base as the third largest cryptocurrency by market capitalization in the last few days, flipping Binance Coin (Bnb) On 23 May.
Teether’s continued growth is largely followed by crypto volatility as the market lost $ 1 trillion, up from $ 2.5 trillion since mid-May. Bitcoin, which Became a $ 1 trillion asset Earlier this year, the latest market crash resulted in a loss of over $ 400 billion, with its market cap The meeting Above $ 720 billion at the time of writing.
Tether CTO Paolo Ardoino It has been emphasized that periods of heavy crypto volatility are often associated with stable currency growth:
“During these extreme episodes, we have historically seen an increase in stable currency activity, evident by Teether’s recent US $ 60 billion milestone as demand continues to grow. Such events also add to the strength of the ecosystem. Supports and tokens to help everyone focus back on construction rather than the distraction of price gains. “
Established In 2014, Tether USDT is a major stable currency pegged at 1: 1 exchange ratio with the United States Dollar. As the world’s largest fixed currency, Tether is currently Represents 60% of the combined fixed currency capitalization of $ 100 billion, according to data from CoinGecko. USDT’s biggest rival, USD Coin (Usdc), With a market cap of $ 20 billion, is the eighth largest cryptocurrency by market value.