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Tether continues to grow despite cryptocurrency outflows

Tether continues to grow despite cryptocurrency outflows

Tether is minting more coins to break the $60 billion market cap. A Tether executive noted that massive volatility on the Crypto market had always been associated with an uptick on stablecoin markets. Tether has become the world’s largest stablecoin by market capitalization.


Elon Musk


It continues to grow despite the record-breaking cryptocurrency outlaws triggered by Elon Musk’s Bitcoin criticism. Moreover, Tether market cap hit $60 billion on Monday for the first time in history. It marks another milestone of Stablecoin’s growth.


Market Value

According to Tether, the market value amounts to $60.4 billion, over 580% from one year ago. In addition, Whale Alert a blockchain analytics service says that a minimum of 6 billion new USDT tokens were minted at the treasury over the past 30 days.


Announcement

Moreover, the latest batch of 1 billion USDT minted was on May 24. According to Tether’s announcement, its institutional and corporate demand is the main driver for its continued growth. In addition, USDT has repeatedly been breaking new market cap milestones over the past two months.


Third Biggest Cryptocurrency


It also added $10 billion each month. Tether also managed to break into the top 3 cryptocurrencies by market cap alongside Bitcoin and Ether. The third biggest cryptocurrency has been gaining ground over the past few days, flipping Binance coin on May 23.

Crypto Volatility


However, Tether’s continued growth follows massive Crypto volatility as the market shed $1 trillion from its mid-May high above $2.5 trillion. Paolo Ardoino is the Tether CTO. He emphasized that the periods of enormous Crypto volatility have been often associated with stablecoin growth.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.