The price of Tether just crossed a market cap of $10 billion, leaving many other stablecoins from competition in the dust. Along with USD Coin and Binance USD, the price of USDT has posted triple-figure market cap growth this year alone.
Data from the crypto market aggregator Messari shows that the market cap of the leading stablecoin surpassed $10 billion for the first time ever. When we compare it with BTC and ETH, the cryptonews show that Tether is one of the three crypto assets that has an eleven-figure capitalization.
Its reported $10 billion market cap comes after the year-to-date growth of 144% – as Tether just crossed a new mark, its cap is now above $10 billion which is way more than the $4.1 billion market cap USDT started the year with.
However, reports show that data aggregators are at odds when it comes to the Tether capitalization. CoinGecko and CoinMarketCap estimated that the USDT market cap could be over $9 billion.
The second largest stablecoin out there, Circle’s USD Coin (USDC) has also seen triple-digit growth since early January. It increased from less than $450 million to over $930 million today and showed steady growth since launching in October 2018 to currently be the 18th largest crypto asset overall.
Ever since it launched in September 2019, Binance’s USD stablecoin named BUSD has also emerged as one of the major players in the field of stablecoins. Currently, it is ranked fourth among stablecoins with a market cap of nearly $166 million. In that manner, Binance has grown by more than 875% since representing around $17 million at the start of 2020. Now, BUSD is ranked as the 49th largest coin by market cap on the charts.
While Tether just crossed $10 billion and the Tether news show new records, and BUSD and USDC also surging, we can see that the stablecoins Paxos Standard (PAX) and TrueUSD (TUSD) have been stagnating at $245 million since April, according to data from CoinMarketCap. Currently, the market aggregator ranks Paxos as the 37th largest crypto asset overall, while TUSD’s volume fell from $155 million to $144.5 million at press time.
The conclusion is simple – the price of Tether just crossed $10 billion in its market cap, and is definitely the most popular stablecoin out there. However, this battle has been fierce lately with even more players in the field than ever before.
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