Tether's (USDT) Circulating Supply Skyrockets as Volatility Comes to a Head

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Tue, 03/17/2020 - 19:36
Alex Dovbnya
Tether's circulating supply surpasses 5.3 bln USDT as investors are looking for a hedge
Cover image via stock.adobe.com
Contents

The circulating supply of Tether (USDT) has surpassed $5.3 bln. According to Bitfinex and Tether CTO Paolo Ardoino, it added almost 165 mln tokens in just 24 hours. 

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The real safe haven 

With Bitcoin (BTC) and other major cryptocurrencies erasing nearly 50 percent of their prices, Tether proved to the only safe-haven asset during the Thursday massacre. Investors were converting risky assets into their crypto cash equivalents.      

The market caps of some other fiat-pegged stablecoins also swelled. USDC, Tether's closest rival, increased its circulating supply by 31 percent from March 10 through March 15.  

image by coinmetrics.substack.com

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Breathing down XRP's neck 

As reported by U.Today, Tether is now well-positioned to become the third-biggest cryptocurrency (only behind Bitcoin and Ethereum) if its circulating supply continues to increase at the same rapid pace.

During the recent market sell-off, the price of XRP crashed to $0.11, which shrunk its market cap to just $4.8 bln. The token is currently trading at $0.14.  

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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