Tether USDT Surpasses XRP
Stablecoin Tether has just transcended XRP as the third-largest cryptocurrency and is now the second-largest altcoin following Ethereum’s Ether (ETH).
Tether’s USDT has just surpassed XRP in market capitalization, maturing into the third-biggest cryptocurrency in the moments leading into Bitcoin halving.
Sitting with a market cap of $8.79 Billion, it is now larger than XRP, with a market cap of roughly $8.6 billion. USDT is currently second just to Ether (ETH) as the largest altcoin in the cryptocurrency market.
The market cap rise comes as a result of the continuous increase in the supply of USDT, the majority of which flows on the Ethereum blockchain. There have also been massive inflows of USDT into exchanges in recent weeks in the run-up to the Bitcoin halving.
USDT inflows from Tether Treasury. Source: Twitter/@Whalealert
Tether USDT dominates other stablecoins by market capitalization, trading volume, users and every other metric. Tether has also grown beyond the dollar and has launched stablecoins pegged to the Chinese yuan, the CNHT, the euro and even gold.
Other stablecoins like USDC, PAX and TUSD lag behind, with USDC having a market capitalization of $707.64 million. USDT is also the most successful BTC pair and comprised an overwhelming majority of 74% of the total Bitcoin traded into fiat or stablecoin in April.
Nevertheless, despite the impressive growth of USDT, other stablecoins like USDC and PAX are also growing in popularity and have consistently captured small bits of market share, with both representing around 4% of all BTC-to-stablecoin volume.
Regardless of the growth of other stablecoins, the BTC/USDT pair still represents 90% of all BTC traded into stablecoins today.