Tanya Abrosimova
Independent Analyst
- USDT may suppass Ethereum by market value.
- The stablecoin has left behind all the rivals.
According to the data provided by the cryptocurrency analytical service Messari, the market capitalization of dollar-pegged stablecoin Tether (USDT) reached $10.3 billion. Thus, since the beginning of the year, USDT's market value increased by 116% and ousted Ripple's XRP from the third place.
Other stable coins are significantly inferior to USDT in terms of market supply. The capitalization of the nearest rival, USDC, is registered at $927 million, PAX has a market value of $245 million, Binance USD (BUSD) - $166 million.
Meanwhile, the statistics provided by Messari, diverges from the numbers published by other various cryptocurrency data service providers like CoinGecko or CoinMarketCap, where a market capitalization of USDT is registered at $9.6 billion and $9.18 billion respectively.
According to Tether website, the total market supply of USDT is $9.79 billion. More than 6 billion coins are placed on the Ethereum blockchain.
The explosive growth of the USDT market supply brought the coin to the forth place in the global cryptocurrency rating by the end of April, while in May it moved to the third place, leaving Ripple's XRP behind.
The leading and the most popular stablecoin may continue marching forward and even overtake Ethereum (ETH) by market capitalization due to the high demand on the dollar-pegged coin, according to Bloomberg. Ether's capitalization is now exceeds $25 billion.
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