The market cap of Tether’s dollar-pegged stablecoin USDT has been steadily increasing this year and could soon reach $10 billion. According to the company’s CTO Paolo Ardoino, Tether has minted $5 billion in the past six months alone.The Market Cap of USDT On Its Way to $10 BillionThe third-largest cryptocurrency and the largest stablecoin in the world, Tether, has seen its market cap grow substantially this year. According to the latest data from crypto analytics company Skew, USDT’s market capitalization currently stands at over $9.3 billion.The company’s data has shown that half of the growth USDT has seen happened in 2020, with the past two months seeing record upticks.Graph comparing Bitcoin’s price with Tether’s market capitalization from 2016 to 2020 (Source: Skew)Market capitalization isn’t the only metric that has seen significant growth—data has shown that Tether recorded 282,000 transactions on Jun. 8. This wouldn’t be major news weren’t it for the fact that Tether surpassed Bitcoin for the first time since its inception, as Bitcoin recorded only 254,000 transactions the same day.
This post was originally published on www.newsbtc.com