In brief
- Tether's market cap has reached $12 billion for the first time.
- Its market cap has been steadily booming from $5 billion since March 2020.
- All other stablecoins are being left behind as Tether dominates the market.
Tether (USDT) today announced that its market capitalization has broken $12 billion as the demand for stablecoins continues to rise.
Stablecoins, like Tether, are growing in popularity in the crypto space. Growth can be attributed to their unique ability to safeguard investors from volatility, as well as offering on-ramps or off-ramps for crypto transactions. Tether’s immense market cap increase represents a 140% jump—an addition of $7 billion—in market cap since March 2020, leaving all other stablecoins in its wake.
“Since March 2020, Tether’s market cap has increased 140% from $5 billion, maintaining its number one spot as the most liquid & trusted stablecoin,” said Tether on Twitter this morning.
Tether’s meteoric rise is the driving force behind a year-long stablecoin boom. “After it took 5 years for stablecoin supply to reach 6 billion, it only took another 4 months for it to grow from 6 billion to 12 billion,” said data analytics site Coin Metric in a July study.
That was the combination of all stablecoins at the time, but now Tether is worth $12 billion—all on its own.
Ethereum futures open interest reaches $1.5 billion
The total value of outstanding Ethereum (ETH) futures contracts has reached an all-time high of $1.5 billion today, according to crypto analytics platform Skew. ⬆️ Another new ATH in ETH Futures Open Interest, crossing the $1.5bn mark for the very first time across the exchanges https://t.co/0KkntYiyQp tracks. pic.twitter.com/bnh2WcWixT — skew (@skewdotcom) August 14, 2020 Also known as open interest, this figure reflects the current total value of Ethereum futures that have not been settled y...
In fact, other stablecoins are not even close to Tether. At the time of writing, DAI’s market cap is just under $420 million, USDC’s market cap is slightly over $1 billion, and Gemini Dollar’s market cap is approximately $9 million.
What does Tether have that they don’t?
