Tether (USDT), the world’s most liquid stablecoin, surpassed $40 billion in market capitalization on Wednesday, highlighting the rapid growth of cryptocurrency investing over the past year.
At its highest point Wednesday, Tether’s market cap reached $40.1 billion, according to CoinGecko, making it the fourth-largest digital asset behind Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
In terms of stablecoin rankings, Tether is four times larger than the USD Coin (USDC), which has a market cap of around $10 billion. USDT dominance is currently around 67%, according to Messari.
Tether’s market capitalization has grown by a factor of ten over the past 12 months, reflecting remarkable growth in the cryptocurrency market. The total crypto market cap surpassed $1 trillion in January for the first time before hitting $1.8 trillion earlier this month.
Tether has just surpassed a $40B market cap!
In March 2020, Tether’s market cap was $4 billion! Since then, we’ve seen 900% growth in only one year!
— Tether (@Tether_to) March 24, 2021
USDT is considered a bellwether stablecoin because its supply reflects the market’s demand for cryptocurrencies. USDT is the quote currency for cryptocurrencies on several major exchanges, including Bitfinex, which has one of the most liquid BTC markets in the world.
Still, the stablecoin has been subject to intense scrutiny in