The Largest Stablecoin, Tether, Has Crossed The 60 Billion Token Mark Amid Increasing Volatility In The Cryptocurrency Market.
According To The Tracking Service Whale Alert, At Least 6 Billion New Usdt Have Been Issued Over The Past 30 Days, With Half Of This Amount Appearing Within A Few Days Since The Start Of The Rapid Decline In The Price Of Bitcoin. Also In The Last Segment, Usdc Stablecoin, The Second Largest On The Market, Increased By 6 Billion.
The Capitalization Of Usdt And Usdc Is Now $ 60.4 Billion And $ 20.8 Billion, Respectively. This Allows Them To Rank Third And Eighth On The List Of Largest Digital Assets. Stablecoins Lost Ground In Front Of Some Tokens During The Market Growth, But Now They Are Again Ahead As A Result Of The Increased Demand For Stable Funds To Protect Capital From Market Volatility.
According To Tether Itself, Demand From Institutional And Corporate Users Has Become A Key Driver Of Usdt Emission Growth. “in May 2020, The Market Capitalization Of Tether Tokens Was $ 8 Billion. Over The Year, It Grew By 581%. The Demand For The Use Of Tether Tokens In Trading And Among Retail Clients Has Never Been Higher, ”the Company Writes.
Tether Cto Paolo Ardoino Noted That Historically Stablecoins Have Enjoyed Increased Popularity During Market Declines. “the Recent Rise In Capitalization Of Tether Above The $ 60 Billion Mark Confirms This. Events Like These Support The Resilience Of The Ecosystem And Help Everyone To Re-focus On Work, After It Has Become Riveted To The Performance Of Tokens, ”he Added.
Tether Recently Released A Report On Its Asset Allocation, Which Revealed That The Traditional Currency Plays A Small Role In Backing Usdt. The Cumulative Capitalization Of All Stablecoins, Meanwhile, Has Reached $ 100 Billion, Having Almost Quadrupled Since The Beginning Of The Year, According To Data From Coinmetrics.
