As the crypto market continues to plunge to its three-month low, the stable coins perform better, with most gaining value in the last two weeks.
The surge was led by USDT, which saw its market cap grow to $60 billion, and Coinbase’s native token, USDC, solidified its position in the top ten digital assets in terms of market cap. On May 24, the Twitter handle of Tether confirmed the news saying,
Tether has just surpassed a $60B market cap! In May 2020, #Tether tokens’ market cap was $8B, now a year on we’ve seen an increase of 581% and demand for Tether token use is higher than ever for both trading and retail adoption!
As per the latest data, Tether token now ranks third in the list of top digital currencies, only behind the two most popular virtual currencies, Bitcoin and Ether token. On the other hand, the USDC ranks tenth on the list, with a market cap of $14 billion.
The latest milestone came nearly a month after its last big surge when the token recorded a $50 billion market cap. Soon after that, Coinbase listed USDT on its platform. Besides that, in a surprising announcement, the Tether officials said last week that the company plans to expand its token beyond the Ether blockchain.
The company said that soon the token would be listed on another blockchain called Avalanche. However, despite the skepticism from prominent financial figures, USDT has retained its position as the most valuable stable coin.
Last year, Bitfinix and Tether were facing a serious lawsuit over charges of price manipulation. However, in February, the company agreed to pay as much as $14 billion fines.