As Bitcoin cools near its own highest-ever rate, a new milestone for the biggest stable coin comes. Tether is currently a $20 billion asset and the fourth-largest crypto-currency by market cap, according to reports confirmed by the company on December 18.
“Tether has just surpassed a $20B market capitalization!” an official Twitter update reads. “This fantastic milestone is another confirmation for Tether maintaining its number one spot as the most liquid, stable and trusted currency!”
Throughout the past quarter, Tether’s market cap has been rising at an almost record pace, reaching $10 billion just three months ago. “BAM!” replied CTO Paolo Ardoino to the news.
In the past, frequent minting of new tokens has been problematic, as some researchers believe that it excessively stimulates price increases for Bitcoin instead of simply offering rewards for liquidity. Suspicions have been added to existing legal issues for iFinex, holders of both Tether and exchange Bitfinex.Nonetheless, this year has only accelerated the demand for Tether as the go-to entry and exit point for other cryptocurrencies and DeFi tokens, making USDT the stablecoin asset of preference far and away.