The cryptocurrency sector was recently hit with a strong wave of corrections, just after the price of Bitcoin (BTC) hit a new 2-year high of $19,100. As the price started dropping, the correction took over the rest of the market, as well. Traders and investors rushed to buy Tether (USDT), which allowed the stablecoin to massively increase its market cap.
Tether market cap surges by $1b in 9 days
Tether’s (USDT) market cap surge started some time ago, and it may have even had a part to play in Bitcoin’s own rally.
Bitfinex’s and Tether’s CTO, Paolo Ardoino, noted recently in a tweet that the USDT supply has gone up by 1 billion in less than ten days. This represents Tether’s second-largest supply expansion in the coin’s history.
13/08/20: 12 billion (12 days)
— Paolo Ardoino (@paoloardoino) November 26, 2020
26/08/20: 13 billion (13 days)
4/09/20: 14 billion (8 days)
16/09/20: 15 billion (12 days)
22/10/20: 16 billion (36 days)
05/11/21: 17 billion (14 days)
17/11/20: 18 billion (13 days)
26/11/20: 19 billion (9 days)
Interestingly enough, the largest expansion also took place in 2020, less than three months ago. On September 4th of this year, USDT supply grew by 1 billion in around eight days, narrowly beating the current surge, which took place over nine days.
At the time of writing, the USDT market cap is nearly $19 billion. With each USDT coin having a price of $1, that means that there is currently around $19 billion in USDT alone.
USDT supply is four times larger than in January 2020
The coin saw a massive supply growth in 2020, as it currently holds nearly four times more money
