A record for the highest stablecoin occurs as Bitcoin cools around its own highest levels.
The Tether (USDT), the largest cryptomoeda stablecoin, has exceeded the market value of $20 billion for the first time.
According to data confirmed by the company on 18th December, Tether is now a US$20 billion asset and the fourth largest cryptomoeda in market value.
Tether market cap has doubled since September
“Tether has just surpassed a market capitalization of US$20Billion!” says an official Twitter update.
“This fantastic milestone is another confirmation for Tether to maintain its number one position as the most liquid, stable and reliable currency!”
Tether’s market capitalization has increased at an almost record pace over the past quarter, from $10 billion just three months ago.
“BAM! CTO Paolo Ardoino responded to the news.
The regular minting of new tokens has proven controversial in the past, as some researchers claim it artificially increases the price growth of Bitcoin (BTC) instead of merely providing liquidity incentives. Continued legal problems for iFinex, owner of Tether and Exchange Bitfinex, have increased suspicions.
However, the appetite for Tether as an entry and exit point for other crypto and DeFi tokens only accelerated this year, making USDT by far the stable currency asset of choice.