The total market value of Tether exceeds $12 billion for the first time
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Answer The total market value of Tether exceeds $12 billion for the first time
Yesterday, Tether announced that its market capitalization has surpassed $12 billion as the demand for stablecoins continues to grow.
Stable digital currencies are becoming increasingly popular, led by the Tether USDT, which is the most famous and largest stable digital currency in the crypto arena, and it is also the most requested currency in the Arab Bitcoin channel for buying and selling. The channel can be accessed from Link.
The significant growth of the currency can be attributed to its unique ability to protect investors from volatility, as it is a haven while the price of Bitcoin or other digital alternative currencies fluctuate.
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The massive increase in Tether’s market cap can be represented by 140%, as $7 billion has been added in market cap since March 2020, leaving all other stablecoins behind.
indicated Tether Corporation posted on its Twitter account this morning with the following:
Since March 2020, Tether’s market capitalization has increased by 140% from $5 billion, maintaining its number one position as the most liquid and reliable stablecoin.
The surge in Tether is the driving force behind the stablecoin boom over the course of the year.
According to data analytics platform CoinMetric, which published a study in July:
After it took the stablecoin supply to reach $6 billion in 5 years, it only took another 4 months to grow from $6 billion to $12 billion.
This was a mixture of all stablecoins at the time, but now Tether alone is worth $12 billion.
Whereas, in fact, other stablecoins are not close to Tether.
At the time of writing, DAI has a market cap of just under $415 million, while USDC has a market cap of over $1 billion, and the total market cap of Gemini Dollars is around $9.5 million.
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