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Tether Passes $50B Market Cap

The world’s largest stablecoin last week received a boost by being listed on Coinbase Pro.

By Jamie Crawley
Updated Sep 14, 2021, 12:46 p.m. Published Apr 26, 2021, 10:17 a.m.
Tether

The market cap of tether, the world’s largest stablecoin, topped the $50 billion mark on Monday.

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  • Demand for USDT has been driven by institutions and corporates in 2021, which has seen the market cap grow by $29 billion since the start of the year.
  • The market cap is greater than that of all rival stablecoins combined.
  • Tether received a boost last week when the now publicly listed Coinbase announced it would allow “inbound transfers” for the stablecoin on its professional trading platform.
  • The stablecoin has been dogged by controversy in recent years, with the Office of the New York Attorney General (NYAG) this year stating that USDT had not been fully backed by U.S. dollars at all times.

See also: Tether’s USDT to Launch on Kusama With Polkadot to Follow

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Traders mull the bottom as bitcoin returns to week's lows below $86,000

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  • Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
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  • One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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