show tether's market capitalization has increased by over 20% to $80 this year – with the valuation surging by 12% in the past four weeks alone.
The rise means tether's market cap is now just $3 billion short of the record high of $83 billion reached in May last year. Markus Thielen, head of research and strategy at crypto services provider Matrixport, said tether's valuation had been driven higher by"aggressive minting and issuance" on Tron Network, which has a greater presence in mainland China compared to Ethereum and a greater focus on the movement on money.
Per data tracked by Matrixport, tether issued on Tron accounts for more than half of the stablecoin's current market value. While tether's market capitalization has surged alongside bitcoin's price rally, the market capitalization of Circle's USDC stablecoin, the world's second-largest dollar-pegged coin, has dropped by 27% to $32.5 billion. Investors began fleeingThe market value of Paxos' centralized, dollar-pegged stablecoin
godbole17 Wow, you mean the shady criminal organization who has the ability to print and distribute unlimited amounts of unbacked stablecoins completely outside of regulatory oversight is thriving? Incredible reporting!
godbole17 I don’t expect a Tether run. Who would want good old fiat, right?
godbole17 Great, many users are using USDT to shop on our shop Web3 Uquid Shoptoearn
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Source: CoinDesk - 🏆 291. / 63 Read more »