Tether USDT Market Cap Now Over $30B
· The market cap of stablecoin Tether rises beyond $30 Billion.
· This is due to the interest of large institutions in bitcoin.
Tether USDT Market Cap Increases Significantly to Hit an ATH
The market cap of Tether USDT has risen to an all-time high of over $33 Billion. This year, Tether’s market cap increased from $20.94 Billion to 30.35 Billion, which is about 44.9% growth. The news of the USDT surge was revealed through the data by CryptoRank.
Stablecoins are cryptocurrencies with their value pegged to a fiat currency such as the USD or a commodity like Gold. Tether (USDT) is one of the well-established stablecoins in the crypto market.
Tether USDT Rise Is Due to Investors Buying BTC
With the growing interests in cryptocurrencies, stablecoins are also gaining more attention from traders and investors who wish to delve into the crypto world but have no technical know-how. They are handy for newbie investors and traders who want a lowered risk and exposure.
Tether CTO, Paolo Ardino, said that the recent surge of USDT is because more “institutions and corporates are buying bitcoin.” He said that large investors prefer to buy bitcoin from over-the-counter and high-frequency trading platforms because they generally have more liquidity.
He added that when customers from these firms want to purchase bitcoin, they transfer USD to the firms, while the firms exchange USD for USDT and then convert it to bitcoin.
Tether has also found utility in the DeFi space, particularly on some major borrowing and lending platforms. It is usually used by most DeFi users on both the Ethereum and Tron network.
Some hours ago, the amount of Tether traded on Ethereum and Tron are about $19.117 Billion and $10.494 Billion respectively. There are speculations that these numbers will increase as DeFi gains more acceptance from a wider population.