Tether (USDT) mints more coins to break $60 billion market cap
Tether (USDT) continues to grow despite record-breaking cryptocurrency outflows triggered by Elon Musk’s Bitcoin (BTC) criticism.
The largest stablecoin by market capitalization, Tether’s market cap hit $60 billion for the first time in history On Monday, marking another milestone of the stablecoin’s growth.
According to data from Tether Transparency, USDT market value amounts to $60 billion, up more than 580% from one year ago. The new record follows a series of newly minted USDT tokens at Tether Treasury.
As per the blockchain analytics service Whale Alert, at least 6 billion new Tether USDT tokens have been minted at the treasury over the past 30 days, with the latest batch of 1 billion USDT minted on May 24. Tether admitted that institutional and corporate demand is the main driver of Tether's continued growth.
Once again Tether broke into the top three cryptocurrencies by market cap after Bitcoin ($703 billion) and Ether ($290 billion) and has been gaining ground as the third biggest cryptocurrency by market cap over the past few days, flipping Binance Coin on May 23.
Tether’s continued growth follows massive crypto volatility as the market shed $1 trillion from its mid-May high above $2.5 trillion. Bitcoin, which became a $1 trillion asset earlier this year, lost over $400 billion in the latest market crash, with its market cap sitting above $703 billion at the time of writing.
Founded in 2014, Tether USDT is a major stablecoin pegged at a 1:1 exchange ratio with the United States dollar.
As the world’s largest stablecoin, Tether currently represents 60% of the $100 billion combined stablecoin capitalizations. USDT’s biggest rival, USD Coin (USDC), is ranked the eighth largest cryptocurrency by market value, with a market cap of $20 billion.