$116,945.00
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0.00%$0.191593
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0.73%$3.95
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1.49%$0.697599
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6.69%$0.339375
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-4.57%Reading
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.
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.
The Top 5 Highest Growing Stablecoins YTD?
1 @binance BUSD (+578%)
2 @MakerDAO DAI (+431%)
3 $USDT on Tron "no one talks about it" (+370%)
4 $USDT on Ethereum (+226%)
5 @Gemini GUSD (+165%)
data from @coinmetrics
— Lucas Nuzzi (@LucasNuzzi) August 19, 2020
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.
The New York Attorney General's office offered further details on its decision to investigate Bitfinex and Tether in a court filing published yesterday by the state’s Supreme Court, in a bid to obtain jurisdiction and press on. The new brief expands on allegations that the exchange masked an $850 million dollar hole in its finances by loaning itself funds backing Tether, the issuer of the eponymous stablecoin, without informing investors. “Step by step,” the attorney general wrote, the companie...
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.
The price of XRP climbed above $3.00 on Monday, hitting a six-month high as investor optimism about the asset’s usefulness and more favorable regulatory environment rose. The asset may also benefit from tokenization trends over the coming years, Matt Kreiser, an analyst at crypto analytics platform Messari, told Decrypt. He noted that XRP’s price movements over the past week are reminiscent of strength seen late last year. “It’s a resurgence of what happened in the fall after the election of Tr...
Funds offering exposure to Ethereum have been growing at a faster rate than Bitcoin counterparts, underscoring newfound demand for the asset, according to CoinShares Head of Research James Butterfill. Over the past 12 weeks, Ethereum-linked funds’ assets under management have grown 19.5% to $19.6 billion, he wrote in a report on Monday. The AUM of Bitcoin-linked funds’ has meanwhile increased 9.8% to $176 billion over the same period, he added. “People are preferring Ethereum over Bitcoin,” Butt...
Binance, the world’s largest centralized crypto exchange, is introducing a new “token generation event model” for its Binance Wallet. It will utilize the bonding curve mechanism that was popularized by Solana meme coin launchpad Pump.fun. However, unlike Pump.fun, users will be required to apply to launch a token on the platform. The new feature comes as part of a growing suite of token generation event products offered by Binance Wallet. Projects are required to apply to launch a token via the...
