Tether’s market capitalization exceeded $ 18 billion
Tether (USDT) market cap breaks $ 18 billion
Boom in DeFi Industry Drives Sustainable Growth of Stablecoin Capitalization
Tether bogged down in manipulation lawsuits
International consortium of news organizations developing transparency standards.
The market cap of a dollar-backed stablecoin crossed the $ 18 billion market cap for the first time, according to Tether’s official transparency notice.
Tether remains the largest stablecoin in the market and the main source of liquidity for cryptocurrency exchanges. The market capitalization of USDT has been growing rapidly since the beginning of 2020. Over the past months, there has been a significant increase in the market capitalization of the coin, which, in part, contributes to the rapid growth in the value of bitcoin.
USDT market cap $ 18bln pic.twitter.com/uuQkgw2513
– skew (@skewdotcom) November 16, 2020
In the first nine months of 202, Tether’s value almost quadrupled, from $ 4 billion to $ 15 billion. Over the past 24 hours, the coin’s trading volume was $ 28 billion. Analytics provider Skew is one of many celebrates Tether’s rise.
As previously reported by the BeInCrypto portal, USDT’s integration with DeFi protocols like Aave and Compound appears to be one of the reasons for the explosive growth..
What will happen to Tether and why are market participants so concerned about the fate of the stablecoin? Find out what the experts think about it.
Not without criticism
However, not everyone is happy with Tether and its recent growth. Days before USDT surpassed $ 18 billion in capitalization, financial analyst and self-proclaimed investor CryptoWhale tweeted:
“Tether is pushing prices up. Not billionaires, not institutions, not some strange rainbow S2F model. All trials will end sooner or later, and then everyone will see what a real shake-up is. “.
Hints of such large-scale market manipulations are by no means uncommon in the cryptocurrency industry, however, they are unlikely to find support among enthusiasts and become a generally accepted opinion.
As CryptoWhale itself concluded:
“This means the market is driven by manipulation, not real demand. But, of course, it is not customary to talk about it “.
In 2019, a class action lawsuit was filed against the operator Tether and the cryptocurrency exchange Bitfinex. The lawsuit accuses companies of deceiving and manipulating the market in order to conceal illegal profits.
The case is still pending, but in September, Tether’s lawyers filed a motion to dismiss the claim, citing, among other things, the claim that the plaintiffs did not provide evidence that the cryptocurrency prices were artificially inflated..
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