Tether (USDT) has become the third-largest cryptoсcurrency by market capitalization today, pushing Ripple’s XRP down to the fourth place, according to crypto analytics platforms Messari and Coin Metrics.

Tether retakes XRP as the third-largest cryptocurrency
Tether joins "the big three" after its market cap exceeded $13 billion. Image: Messari

If you multiple the number of coins in a cryptocurrency by its current price, you get its market capitalization. It’s a way of comparing assets that have wildly different supplies. Since Tether is a stablecoin and its price doesn’t really move—the price of a single USDT is designed to be mostly equal to $1—the only way to increase its market cap is to mint new coins.

As Decrypt reported, Tether’s market capitalization exceeded $12 billion just recently after increasing by $1 billion in one week. Today, it has already reached $13.14 billion, noted Coin Metric analyst Lucas Nuzzi in a tweet.


Nuzzi also listed the top five stablecoins by their year-to-date growth.

This is not the first time Tether has replaced XRP as the third-largest crypto. Amid the market meltdown back in March, USDT briefly overtook XRP after surpassing $5 billion in market cap.

Tether’s growth comes despite its parent company dealing with several court cases. Currently, Tether and its sister company, crypto exchange Bitfinex, are in the middle of a fraud investigation led by the New York Attorney General’s office over allegations that they conspired to mask an $850 million dollar void in Bitfinex’s finances.

A class-action lawsuit also accused Tether of damages of $1.4 million for printing billions of dollars worth of the cryptocurrency and for manipulating the price of Bitcoin in 2017.


But in the meantime, Tether keeps growing.

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