Tether Extracts More Coins to Reach $60 Billion Market Capitalization

The largest stable coin in the world by market capitalization, Tether (USDT) has been constantly growing despite the record fall in the market and heavy outflows. An executive of Tether noted that huge fluctuations in the crypto market have always been associated with an uprising on the stable coin market.

Tether Hits Market Capitalization of $60 Billion

In accordance with the data released by Tether Transparency on Monday, the market capitalization of Tether managed to hit the mark of $60 billion for the very first time. The market value of USDT amounts to $60.4 billion at the time of writing this article, which is up over 580% from a year ago.

Well, it should be noted that the newly reached market capitalization of Tether record follows a series of newly minted USDT tokens at Tether Treasury. 

According to data revealed by Whale Alert, a blockchain analytics service, at least 6 billion new Tether USDT tokens have been extracted at the treasury over a month. 

In addition to this, it was also revealed that the latest batch of 1 billion USDT was extracted on May 24.

Also, Tether made an announcement revealing what drove the continued growth of stable coins, which was the institutional and corporate demand.

First Stablecoin to be Named Alongside Bitcoin and Ethereum

Tether recently managed to break into the top three cryptocurrencies in terms of market capitalization alongside Ethereum and Bitcoin.

It has been gaining support as the third biggest cryptocurrency by market capitalization over the past few days.

Paolo Ardoino, the CTO of Tether, laid an emphasis on the fact that the periods of enormous crypto fluctuations have often been linked with the growth of the stable coin and said:

“During these extreme episodes, we’ve historically seen an uptick in stable coin activity, made evident by Tether’s recent US$60 billion milestones as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.”