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.
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.
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“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