U.S. Dollar Tether (USDT), a USD-pegged stablecoin by Tether Limited, sees its capitalization exceeding $150 billion. Seasoned digital asset entrepreneur and investor Samson Mow sees USDT securing the status of the largest altcoin as soon as this year.
Tether (USDT) close to "flippening" Ether (ETH) this year: Samson Mow
Tether (USDT), the biggest stablecoin asset in crypto, reaches a new capitalization ATH over $150 billion. JAN3 CEO Samson Mow is sure that it is only the beginning for USDT. Mow is certain that USDT has all the chances to outshine Ethereum (ETH) by market cap as soon as this year.
Samson Mow added this comment to a celebration tweet by Tether and Bitfinex CEO Paolo Ardoino. Ardoino hinted at $1 trillion capitalization as the next milestone for his major product.
As of press time, Ethereum (ETH) capitalization is sitting at $303 billion. As such, to flip the second blockchain, USDT still needs a 100% rally - even if the ETH price remains stagnant.
The Ethereum (ETH) price has been heavily criticized in this cycle for its underperformance.
Besides reaching a new capitalization high, U.S. Dollar Tether (USDT) hit another major milestone yesterday. As covered by U.Today previously, USDT sees its Tron-based version exceeding the Ethereum-based one by market cap.
For the first time ever, Tron (TRX) has become the dominant USDT blockchain thanks to fast operation speeds and lower on-chain comissions.
Stablecoin segment targets $250 billion cap as crypto recovers
Minor implementations of Tether - such as Solana-, Avalanche- and TON-based stablecoins, are still responsible for a negligible share of the USDT supply.
USDC by Circle, the second largest stablecoin, hit a $60 billion capitalization. That said, the stablecoin segment remains pretty concentrated, with USDT, USDC and USDe being responsible for over 90% of the net stablecoin cap.
Even with these rocketing metrics, the aggregated value of all stablecoins is 8x lower than that of Bitcoin (BTC), the largest cryptocurrency.
Bitcoin (BTC) is changing hands at $103,800 as of press time, down 0.3% in the last 24 hours.
Vladislav Sopov
Dan Burgin