Tether is getting closer and closer to beat Ethereum and surpass it in terms of market capitalization. According to a recent Bloomberg report, USDT coins are getting issued at an exponential rate.
USDT has already surpassed XRP and it’s currently the third-largest asset in the market with a cap of $8.7 billion. Furthermore, the crypto expert that created the report also believes that due to abrupt growth in stablecoins, investors’ interest in digital currencies has surged.
We see little upside in the ETH price absent a rising tide from Bitcoin. The pre-eminent crypto is breaking away from the pack in terms of adoption and is supported by almost-ideal macroeconomic conditions for stores-of-value amid quantitative easing
Tether Is Dominating Stablecoins
The report clarifies that dollar-pegged digital assets are rising as the US dollar is also rising against other fiat currencies.
USDT is now essential for the crypto market even though there are plenty of other stablecoins available, most people use USDT which now has a ton of liquidity across all exchanges.
In fact, Tether transactions have surged from $17.4 billion daily to over $55 billion.