The Tether total assets increased to $19 billion as the market cap of the stablecoin goes on to increase further upwards. The market cap hit a new all-time high after it has been continuously increasing this year so let’s read more in today’s latest Tether news.
Tether’s growth was increasing for months which is why it remained the leading stablecoin by market cap this year. The US-dollar backed stablecoin hit a total of $19 billion in tether total assets. there are now more than $19 billion US dollars that were exchanged for USDT so far. It was quite a hard day for the crypto market as the community is still having a hard time recovering from the major bitcoin price crash that happened overnight and led BTC to crash by $3000. As BTC and other crypto assets decline, Tether is making gains.
According to the official website of Tether, there are now $19.1 billion coins in circulation and each of these is tied to the dollar. According to CoinMarketCap, Tether’s market cap was booming in recent months despite the few negative fluctuations in the crypto industry. Tether’s market cap remained on course.
Since the end of August, Tether’s market cap increase by about 90% from the $10 billion range to the current all-time high of about $19 billion. The market cap increased from $16.5 billion which means that it increased in November by 15%. What’s even more interesting, the market cap of tether ensured that the dollar-pegged stabelcoin continues to lead the stablecoin industry without having a real rival.
According to CoinGecko, Tether’s market cap is almost $17 billion higher than USDC which is run by Centre, Circle and Coinbase. One thing that could be behind Tether’s increasing market cap could be the increasing price of BTC. Because BTC was increasing more and more, people entered into crypto and USDT worked as an on-ramp for the industry especially in China as the stablecoin stood to benefit from the growth for months. Tether’s market cap didn’t decline despite BTC losing $3,000 to the value overnight.
Another boosted for the growth could be the fact that USDT benefited from the decentralized finance or DeFi space this summer. Either way, the market cap looks like it will keep on growing.
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