Tether, the world’s most valuable stable coin by market cap, is back in the news. The data feed from Whale Alert, an advanced blockchain tracker and analytics system, revealed that the Tether Treasury Department minted USDT 120 million a few hours ago.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 120,000,000 #USDT (120,764,833 USD) minted at Tether Treasury
Send: https://t.co/wZa5s5CRKK
– Whale alert (@whale_alert) July 22, 2020
According to data from Coinmarketcap, a cryptanalysis tracker, Tether is the third largest cryptocurrency by market capitalization of $ 10 billion.
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Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value as traditional fiat currencies such as the US dollar, the Japanese yen or the euro. It is traded under the ticker symbol USDT.
Just a few weeks ago, a Bloomberg report said that the momentum with the help of the US dollar should cause Tether to gain and move up to second place.
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“Without an unlikely reversal of the prevailing crypto trends, it should be a matter of time before Tether overtakes Ethereum and takes second place in total assets behind Bitcoin.
“If one receives help from a widespread acceptance with a practicable case as a proxy for the world reserve currency, the increasing acceptance of the dollar-linked stable coin seems to be unstoppable,” says the report.
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