The world of crypto investors and traders was caught unaware, as Tether’s market capitalization surged close to the $10 billion market capitalization.
Tether, which was trading at $1 at the time this report was drafted, has a market capitalization of $9.8 billion, according to data obtained from Coinmarketcap. It is now bigger than XRP, whose market capitalization is roughly $7.8 billion.
Why it matters: Tether continues to grow its lead on its stablecoin competitors and is still the only stablecoin with a market capitalization greater than $1 billion.
The $10 billion mark is not fundamentally significant, but it is a sign of USDT’s staying power, despite all its controversy over the years.
Barely weeks ago, Bloomberg reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.