- US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion.
- The stablecoin market cap has been on growth for the past two months.
The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided by Skew, a crypto on-chain analytics platform, the stablecoin market valuation is nearing the $20 billion mark. On this note, the US dollar-backed crypto is still leading the stablecoin market with a huge dominance rate.
The second-largest stablecoin USD Coin (USDC), has about $2.97 valuation on Coinmarketcap.
Tether Posts More Market Cap Growth
On Coinmarketcap, the leading stablecoin has a market valuation of around $19.413 billion and a 24 hours trading volume of $89.885 billion. CoinGecko posted a market $19.398 billion and $65.629 billion 24hrs volume, while Messari posted a $19.97 billion capitalization and trading volume of $9.449 billion. Notably, USDT’s market valuation has been growing steadily since September, as Skew shared on Twitter today.
Tether was the elephant in the room during the last crypto bull run with market cap of $2bln. Now it's nearly $20bln! pic.twitter.com/VJpRIOyXad
— skew (@skewdotcom) December 2, 2020
To better understand the growth, the stablecoin had a valuation of around $10.2 billion on Messari, and $9.1 billion on Coinmarketcap, back in July. Meanwhile, it’s worth noting that the company behind the digital currency, Tether inc., has been minting a significant amount of USDT in recent days.
There has been a lot of controversy around the stablecoin. The company says each USDT issued is backed by a US dollar; however, this has been largely questioned by many people in the digital currency space.
USDT kept dominating
Despite the controversies around USDT’s backing, the stablecoin remains the most-traded and leading currency-back cryptocurrency. The second-leading stablecoin by market capitalization, USDC, sees a valuation of $2.98 billion on Messari, $2.969 billion on CoinGecko, and $2.97 on Coinmarketcap.