Tether’s total assets have increased to $ 19 billion as the market capitalization of the stablecoins continues to rise.
Tether, a US dollar-backed stablecoin, reached a total of $ 19 billion in market capitalization. In other words, there are more than $ 19 billion dollars that have been traded in Tether so far.
It was a tumultuous day for the crypto universe, with the community still recovering from a huge drop in the price of Bitcoin that occurred today, losing $ 3,000. But with the decline of Bitcoin and other cryptocurrencies, Tether – the world’s largest stablecoin – is making gains.
According to Tether’s official website, there are currently $ 19.1 billion of Tethers in circulation. Of course, each of them is linked to the dollar and, therefore, each represents US $ 1.
According to CoinMarketCap, Tether’s market capitalization has grown in recent months and, despite negative market fluctuations in other parts of the crypto market, Tether’s market capitalization has remained on course.
Since August 31, 2020, Tether’s market capitalization has increased by about 90% from $ 10 billion to the current maximum of approximately $ 19 billion. During this month, its market value increased by approximately $ 16.5 billion, which means that it increased by 15% in November.
In addition, Tether’s growing market capitalization ensures that the dollar-linked stablecoin continues to lead the stablecoins without a real rival.
By CoinGecko, Tether’s market capitalization is almost $ 17 billion higher than USD Coin, managed by Center and supported by Circle and Coinbase.
One theory about increasing Tether’s market capitalization is that stablecoin benefits from the increased price of Bitcoin.
As the price of Bitcoin is increasing, more and more people are attracted to the crypto market, and with Tether acting as an access ramp to the industry – especially in China – stablecoin has been benefiting from Bitcoin’s growth for months.
However, Tether’s recent market capitalization has not waned, despite Bitcoin losing approximately $ 3,000 in value overnight.
Another justification for Tether’s growth is that stablecoin benefited from the decentralized finance boom (DeFi) that took place this summer.
Either way, Tether’s market capitalization seems determined to keep growing.