Bitcoin
BTC$22 734.84

-4.21%

Ethereum
ETH$1 551.77

-5.32%

Tether
USDT$1.000115

-0.01%

Binance Coin
BNB$304.94

-4.03%

USD Coin
USDC$1.000034

0%

XRP
XRP$0.394979

-4.53%

Tether mints more coins to break $60 billion market cap


25 May 2021

#Tether

Massive volatility on crypto markets has been always associated with an uptick on stablecoin markets, a Tether exec noted. Tether (USDT), the world’s largest stablecoin by market capitalization, continues to grow despite record-breaking cryptocurrency outflows triggered by Elon Musk’s Bitcoin (BTC) criticism. On Monday, Tether’s market cap hit $60 billion for the first time in history, marking another milestone of the stablecoin’s growth. According to data from Tether Transparency, USDT market value amounts to $60.4 billion at the time of writing, up over 580% from one year ago.

Tether's new market cap record follows a series of newly minted USDT tokens at Tether Treasury. According to data from blockchain analytics service Whale Alert, at least 6 billion new Tether USDT tokens have been minted at the treasury over the past 30 days, with the latest batch of 1 billion USDT minted on May 24. According to an announcement by Tether, institutional and corporate demand is the main driver of Tether's continued growth.

USDT repeatedly broke new market cap milestones over the past two months, adding $10 billion each month. Tether broke into the top three cryptocurrencies by market cap alongside Bitcoin (BTC) and Ether (ETH) and has been gaining ground as the third biggest cryptocurrency by market cap over the past few days, flipping Binance Coin (BNB) on May 23.

Tether’s continued growth follows massive crypto volatility as the market shed $1 trillion from its mid-May high above $2.5 trillion. Bitcoin, which became a $1 trillion asset earlier this year, lost over $400 billion in the latest market crash, with its market cap sitting above $720 billion at the time of writing. Tether CTO Paolo Ardoino emphasized that periods of enormous crypto volatility have been often associated with stablecoin growth:

“During these extreme episodes, we’ve historically seen an uptick in stablecoin activity, made evident by Tether’s recent US$60 billion milestone as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.”

Founded in 2014, Tether USDT is a major stablecoin pegged at a 1:1 exchange ratio with the United States dollar. As the world’s largest stablecoin, Tether currently represents 60% of the $100 billion combined stablecoin capitalization, according to data from CoinGecko. USDT’s biggest rival, USD Coin (USDC), is ranked the eighth largest cryptocurrency by market value, with a market cap of $20 billion.


Related

Tether commercial paper exposure now under $50M
Tether commercial paper exposure now under $50M
How
How "Stable" Really Are Stablecoins?
Tether aims to decrease commercial paper backing of USDT to zero
Tether aims to decrease commercial paper backing of USDT to zero
Tether’s attestation report shows commercial paper holdings cut by 21%
Tether’s attestation report shows commercial paper holdings cut by 21%
Tether reveals plans to make Lugano the Bitcoin capital of Europe
Tether reveals plans to make Lugano the Bitcoin capital of Europe
USDT is minted for crypto as $1M bounty offered to unpick reserves
USDT is minted for crypto as $1M bounty offered to unpick reserves
Tether fires back against report it is using reserves for investments and making crypto-backed loans
Tether fires back against report it is using reserves for investments and making crypto-backed loans
Tether promises an audit in months as Paxos claims USDT is not a real stablecoin
Tether promises an audit in months as Paxos claims USDT is not a real stablecoin
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60% 84 $22 734.84 -4.21% -0.77% $438 267 091 241 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 84 $1 551.77 -5.32% -4.66% $189 896 701 242 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000115 -0.01% 0% $67 783 850 064 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 67.2% 66 $304.94 -4.03% -0.33% $48 150 478 523 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000034 0% -0.02% $42 771 015 068 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 65.6% 68 $0.394979 -4.53% -7.82% $20 066 373 720 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000427 0.05% -0.04% $15 382 568 581 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.4% 76 $0.370680 -6.12% -1.21% $12 823 171 668 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 68 $0.087241 -2.94% -1.17% $11 574 368 244 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 61.2% 77 $1.076001 -8.14% 8.30% $9 398 132 735 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 59.2% 91 $23.57 -9.85% -2.79% $8 759 130 586 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 61.6% 85 $6.13 -7.28% -8.05% $7 066 700 928 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 69.6% 63 $89.89 -6.90% 0.09% $6 487 767 280 LTC 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 81 $20.08 -3.59% 13.31% $6 320 011 339 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.