For the crypto sphere, it’s been a turbulent day, as the price of the largest cryptocurrency, Bitcoin, has crashed in the last 24 hours, falling to $16,900 from over $19,000. However, as Bitcoin and other major cryptos took a sharp descent, the leading stablecoin Tether is gaining a notable surge.
Tether, the US dollar-backed stablecoin, has achieved a new milestone as its market cap hit a $19 billion mark for the first time. This milestone means there is approximately the same amount ($19 billion) of real US dollars resting in the vault that users have swapped for Tether (USDT).
Paolo Ardoino, CTO of Tether, published a tweet that USDT supply soared by 1 billion in a period of almost nine days, the second-fastest expansion. Previously on September 4, an extensive inflow of 1 billion USDT was recorded over eight days.
Tether Keeps Climbing Despite BTC Crash
Tether has been fabricating massive growth since the start of 2020. According to data from CoinMarketCap, the USDT market cap has jumped almost four times. It also presents fiat onramps to crypto markets, each Tether (USDT) is pegged with the dollar, and so each represents $1.
Despite Bitcoin’s overnight fall, Tether’s recent market cap has remained stable. With the current supply, it is the fourth-highest cryptocurrency in terms of market cap. Some crypto experts believe that the decentralized finance (DeFi) boom that occurred this summer has played a significant role in the growth of Tether.
Tether is also known as the most dominant stablecoin. As per CoinGecko data, compared to the runner-up stablecoin USD Coin, the market cap of Tether is almost $17 billion higher.