The cap of Tether has broken another record, exceeding $36B

by in Cryptocurrency News

Tether

Stablecoin Tether (USDT), despite its many problems, still leads the ranking of fiat-backed tokens.

The day before, the capitalization of this digital asset exceeded $ 36 billion. The growth in USDT supply suggests that the Tether issuer is preparing for the next phase of capital entry into the crypto sphere.

Today the capitalization of stablecoin is just over $ 36.439B. The second place in the ranking of fiat-backed coins is held by USD Coin (USDC). The capitalization of this digital asset is already approaching $ 10 billion, now it is just over $ 9 billion.

According to CoinMetrics, in all six days, the market supply of this stablecoin has increased by about $ 1 billion. In general, since the beginning of this year, the capitalization of USDC has more than doubled.

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However, this coin is unable to compete with USDT, the researchers note. The team's report says: "As a result of the rapid rise in USDC, Tether's dominance fell to 70%, its lowest level ever."

Stablecoins are used both to enter Bitcoin and Ether, and as collateral in the DeFi decentralized finance market.

Besides, with the help of secured stablecoins, investors minimize their risks in the event of an aggravation of volatility in the crypto market.