The US dollar-backed stablecoin Tether has set a new record as its market cap hit $20 billion for the first time. This milestone means there’s approximately the same amount ($20 billion) of real US dollars resting in the vault that users have swapped for Tether (USDT).
On December 18, the firm official Twitter update unveils, “Tether has just surpassed a $20B market capitalization!”
“This fantastic milestone is another confirmation for Tether maintaining its number one spot as the most liquid, stable, and trusted currency!”
Tether is also known as the most dominant stablecoin. It captures approximately 80% of the entire stablecoin market share. Based on data, Tether’s market cap has been accelerating at a record pace since the start of 2020. It surpassed $10 billion just three months ago.
Blockbuster Week, Bitcoin Rallied to The New All-Time High
In the past, Tether (USDT) has been prone to numerous allegations as certain reports proposed that Tether needs more dollars to back the token supply. The organization has been attempting to convince the crypto sector that USDT is supported with the proper measure of dollar possessions.
Over the concerns about Tether’s USDT, both Bitfinex and Tether have been blamed for market manipulation, with few progressing claims asserting that the organizations caused Bitcoin’s 2017 bull run that led up to the previous record-breaking level of $20,000.
As of now, Bitcoin’s price has surged to its all-time high. At the same time, Tether has continued issuing more money. According to data from CoinMarketCap, Bitcoin is trading at $23,500.