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.
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.
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.
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.
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.