Munzir HakimiTable of Contents
Tether’s Dominance in the Crypto Market: A Suspenseful Surge
Introduction: Tether (USDT), the world’s largest stablecoin, is on the brink of a monumental achievement. With over $1 billion flowing into stablecoins recently, Tether’s market cap is nearing an unprecedented $120 billion.
Tether Leads The Stablecoin Market
- Stablecoins have evolved from trading tools to essential components in lending platforms and payment systems.
- The stablecoin market has surged by 38.5% since October 2023, reaching a total market cap of $169 billion by September 2024.
- Tether holds a dominant position with a current market cap of $119 billion, representing a staggering 70.4% share among all stablecoins.
“This growth has been largely due to USDT’s ability to maintain its value pegged to the U.S. dollar over the years.”
The Future for Tether and Stablecoins
- The influx of capital into stablecoins highlights growing interest amid inflation concerns and weakening fiat currencies in developing countries.
- Tether Treasury recently minted $1 billion USDT on Ethereum and another $100 million USDT on Tron blockchain.
- Lesser-known stablecoins like First Digital USD (FDUSD) are also benefiting from this surge, with FDUSD’s market cap increasing by 47% in just one month.
- Ripple plans to enter the stablecoin space with Ripple USD (RUSD), aiming for significant growth post-launch due to its established presence in global banking.
“Featured image from Pexels, chart from TradingView”
References:
- Massive Influx Of Money Into Crypto Industry
- Data From IntoTheBlock On Stablecoin Market Cap Growth
- Tethers USDT Recognized As Property By UK Court: What This Means For The Stablecoin?
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– Scott Matherson
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