The capitalization of the USD stablecoin is approaching $20 billion

The capitalization of the USD stablecoin is approaching $20 billion

The market capitalization of the USDT stablecoin exceeded $19.4 billion. Tether’s capitalization has been increasing throughout 2020 amid the rising price of BTC and the DeFi boom.

According to Coinmarketcap, the market capitalization of the largest USDT stablecoin has reached $19.43 billion. Stablecoin is pegged to the US dollar in a ratio of 1:1. The market capitalization of the crypto asset has grown rapidly in recent months.

Since August 31, 2020, Tether’s market capitalization has increased by about 90% — from $10 billion to more than $19 billion. Only in November, the capitalization of stablecoin increased by 15%. USDT continues to lead among other similar crypto assets and is one of the five largest cryptocurrencies.

At the same time, the market capitalization of Tether is almost $17 billion higher than that of the second-place USDC token, issued with the support of Circle and Coinbase.

Recall that last month, the USDT operator Tether released
almost half a billion coins due to the growth of the bitcoin exchange rate and increased activity of traders.

As the price of bitcoin has risen in recent months, more and more people have come to the cryptocurrency industry, and many have used Tether when starting out in the market. Another reason for the growth of USDT capitalization is the boom in decentralized finance (DeFi), which occurred this summer.