USDT stablecoin capitalization exceeded $ 10 billion for the first time
Stablecoin USDT has crossed the $ 10 billion mark in terms of capitalization. Thus, USDT entered the top three assets of the cryptocurrency market along with Bitcoin and Ethereum, the capitalization of which goes beyond the single-digit range in billions of dollars, the analytical portal Messari draws attention.
USDT has grown by almost 150% since the beginning of the year – in January its capitalization was about $ 4 billion.
The second largest stablecoin on the market is USD Coin, issued by Coinbase and Circle as part of the CENTER consortium. It has grown from less than $ 450 million at the beginning of the year to nearly $ 1 billion, which puts it in 18th place in the list of the largest assets of the cryptocurrency market..
Binance’s issued stablecoin BUSD is also showing skyrocketing growth, although it is not yet able to compete with more established alternatives. Since the beginning of the year, its capitalization has risen from $ 17 million to $ 165 million, or 870%.
If current trends continue, BUSD is well positioned to overtake Paxos Standard (PAX), the third largest stablecoin. At the beginning of the year, PAX capitalization was $ 224 million, and during this time it increased by only $ 20 million..
The likely catalyst for USDT growth earlier this year was the increased volatility of the cryptocurrency market, which is why many investors chose to enter a more stable asset. Recently, it has also been influenced by the development of the space of decentralized finance. Thus, the Compound protocol one day last week reported an inflow of USDT deposits for $ 150 million.
Former Messari manager Qiao Wang notes: “Here are 3 companies that, if something catastrophic happens to them, will cause a tsunami in the cryptocurrency market: Silvergate (crypto banking), Tether (the reserve currency of the crypto economy), Genesis (the primary liquidity platform for crypto lending) “.
Bitcoin climbs to $ 7,000, USDT drops to $ 0.93 Bitcoin posted 11% gains on Monday morning, climbing above $ 6,900 for the first time in 2 weeks….
The Swiss regulator for the first time issued a license to manage cryptocurrency assets to the Swiss Financial Market Supervision Authority (FINMA)…
The turnover of the peer-to-peer platform Binance for the year exceeded $ 4 billion. Binance cryptocurrency exchange launched a peer-to-peer platform a year ago and fixes “double-digit…