The market cap of Tether (USDT), the largest stablecoin in the market, today has passed the $10B mark, Tether has announced through its official Twitter account:
In March 2020 we hit a big milestone as our market capitalization hit $5 billion. Now only four months later we’ve surpassed a $10 billion market capitalization 🔝
— Tether (@Tether_to) July 22, 2020
Another huge accomplishment for 2020, solidifying $USDt place as one of the most liquid, stable & trusted currency! pic.twitter.com/ZsYBFYvyJ1
The capitalization of the stablecoin has registered an impressive growth over the past months, as it stood at $5B in March.
It looks like this growth is partly related to the exchange of fiat money into USDT in trading platforms.
Another major achievement of this stablecoin is its expansion to major blockchains such as Omni, Ethereum, TRON, EOS, Liquid, Algorand and Bitcoin Cash through SLP tokens.
Tether has been involved in a great controversy over the last years as while its creators claim it is backed by the US dollar with a rate of 1:1, many people think that this is not true.
Stablecoins have gained great popularity recently because they have become a safe haven for investors in times of high volatility, as their price remains stable no matter what happens in the market as they are pegged to an underlying asset, which in Tether's case is the US dollar.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.