Tether (USDT) is on track to become the third-largest cryptocurrency and surpass Ripple’s XRP. At the current rate it is issuing USDT, it could do so in the coming days.
BeInCrypto has been closely following Tether Treasury’s activities. In the past two months, the stablecoin’s treasury has issued a record amount of USDT.
For comparison, BeInCrypto reported on April 19 that Tether’s market capitalization stood at $7 billion. According to Tether’s own transparency numbers, the current amount of USDT stands at a stunning $8,597,984,360 at the time of writing. In April, it averaged over $40M USDT issued per day.
Third Largest Cryptocurrency?
The growth of Tether has been nothing short of stunning—and it now seems poised to dethrone Ripple’s XRP to be the third-largest cryptocurrency. XRP is valued at $8.7 billion or so at the time of writing. That means Tether just needs to add another $100M or so to its market capitalization to surpass it. Given the past two months, this seems likely to happen by the end of this week. Over the past few days alone, Tether has printed more than 500M USDT. So, it will possibly surpass XRP faster than most expect.
A Controversial Stablecoin
For years, Tether has always been shrouded in controversy. However, the critics have only gotten louder as the stablecoin prints more USDT than ever before. Many are wondering if Tether is actually backed by real dollars on a 1:1 basis.
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