Tether Reaches Market Cap of $58 Billion

Tether (USDT), the largest stablecoin in the world, reached a market cap of $58 billion on Friday. USDT became the third most valuable cryptocurrency today after beating the total market cap of Binance Coin (BNB).

According to the latest data published by Coinmarketcap, Tether’s market cap saw a jump of approximately $500 million on Friday. USD Coin (USDC), the second-most valuable stablecoin in the world, reached a market cap of nearly $14.4 billion on 21 May.

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Glassnode, a blockchain and crypto analytics firm, highlighted the latest data about stablecoin market today and mentioned that the stablecoin supply ratio (SSR) has reached an all-time low.

“Stablecoin Supply Ratio hits an All-Time-Low of 8.54. This means the Bitcoin Market Cap is 8.54x larger than the global supply of stablecoins. ATL SSR values indicate that the purchasing power of crypto-native dollars is at a relative ATH. Demand for the top stablecoins Tether (USDT), USD Coin (USDC), and DAI pushed prices noticeably above the $1 peg in the month before the Coinbase listing. This may suggest there was distribution and strong demand for exit liquidity to ‘sell the news’,” Glassnode mentioned in a Tweet.

Tether and USDC Whales

Large crypto wallets have accelerated the movement of Tether and other stablecoins in the last few days amid recent volatility in the cryptocurrency market. Whale Alert, a blockchain tracking and analytics platform, highlighted a transaction of 58 million Tether from a digital wallet to the crypto exchange, Binance. Earlier today, nearly $20 million worth of USDT coins were transferred from Binance to a crypto wallet. Similar to Tether, USDC whales have started moving the second-largest stablecoin in large amounts. $50 million worth of USDC coins were transferred from FTX to an unknown digital wallet on Friday 21 May at 4:10 UTC.

The overall market cap of digital currencies is currently stabilizing near $1.75 trillion. The total market cap of cryptocurrency assets touched an all-time high of approximately $2.6 trillion during the second week of May 2021.