In the latest data released by the company easy Tether, which is the most widely used stablecoin in the cryptocurrency market, now has $10 billion worth of USDT in circulation across various crypto markets.

This assessment pins the coin, which is now worth a total of $10 billion, in third place behind both Bitcoin and Ethereum, and places it in the club of coins with a market capitalization above $10 billion.

The data and figures, as we have indicated, are taken from the above source, while the coinmarketcap website has not yet been updated.

This increase in the number of “tether” coins strengthens the position of the “tether” coin as a clear leading digital currency in the crypto market, especially the highest in its class of stable digital currencies linked to fiat currencies such as the dollar.

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The closest competitor to Tether USDT is the USDC version issued by Coinbase but this stablecoin which ranks second in the stablecoins behind Tether, its total market capitalization is far from the first place at around $927 million.

Tether operates with minimal KYC requirements, so it serves customers in the gray or dark areas of legal compliance who have not had access to alternatives.

For example, the Chinese are one of the largest users of the “tether” currency, as the demand for it in China is high, which brokerage offices are trying to provide, as well as OTC platforms.

These options offer users the possibility to purchase bitcoin or any other alternative cryptocurrency.

The Chinese government has effectively banned the trading of bitcoin against the Chinese yuan.

Thus, the benefit of the Tether USDT is unique to the Chinese, who see it as a gateway to the crypto market:

How do Chinese investors buy Bitcoin? What is the secret of pumping 5 billion new Tether?

Of course, Tether has had its fair share of controversy, and none has been as loud as the accusation that its reserves do not exist and that it had a hand in Bitcoin’s historic rally in 2017.

Read:Bitcoin falls to levels of 18 thousand dollars, coinciding with the decline in the prices of most alternative digital currencies

With the rise of tether USDT issuance, it is important to note that this latest batch does not necessarily mean that people are buying Bitcoin with it.

They can also use Tether as a hedge to trade, and freeze their funds in the stablecoin to avoid Bitcoin’s volatility.

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