Tether becomes the third largest crypto asset, surpassing XRP in terms of capitalization again
Stablecoin Tether has successfully made it into the top 3 largest assets in the cryptocurrency market. Coin Metrics analyst Lucas Nuzzi drew attention to this.
According to the company, the value of assets in USDT on all supported platforms is $ 13.14 billion, while XRP’s capitalization is about $ 13 billion.As a result, only Bitcoin and Ethereum now stand in front of USDT with capitalization values of $ 217 billion and $ 45.5 billion, respectively..
Tether has already pushed XRP down to fourth place this year. This happened in May, even before the current rise of the crypto market, when XRP capitalization was $ 8.6 billion. Over the next months, however, the market growth exceeded the rate of issue of stablecoin.
As you can see in the graph provided by Coin Metrics, the rapid growth in the turnover volume of USDT and stablecoins in general began after the collapse of the cryptocurrency market in March and has continued since then. Their total capitalization reached $ 15.2 billion.
Nuzzi also lists stablecoins in terms of relative growth since the beginning of the year:
- BUSD from Binance: + 578%;
- Maker’s DAI: + 431%
- USDT on Tron: + 370%;
- USDT on Ethereum: + 226%;
- GUSD from Gemini: + 165%.
Yesterday, issuer Tether announced the addition of support for the OMG Network’s Layer 2 scaling network, which is expected to help take some of the burden off the main Ethereum blockchain, where it is one of the main consumers of gas..
Just prior to this publication, the company warned that in a few hours it will use the services of a third-party service to transfer 1 billion tokens from the Tron blockchain to the ERC20 protocol. Usually, operations to issue or destroy a large volume of USDT arouse increased interest of market participants and become a breeding ground for various speculations, so Tether prefers to comment on its actions in advance, especially given the unprecedented scale of today’s conversion..