Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether whales moved about 100 million USDT to unknown wallets in less than a day, as seen on Whale Alert, an advanced blockchain tracker, and analytics system.
Data from Conimarketcap shows that Tether is ranked as the 3rd most valuable cryptocurrency by market cap of $9.165 billion, with a daily volume of about $20 billion as at the time this report was drafted.
Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
The “Tether Treasury’s” USDT wallet has grown in recent times in becoming the top holder of the stablecoin, meaning that some crypto traders, investors may have managed to successfully withdraw their stakes from circulation. The removal of about 29% of the total volume of Tether in circulation has recently coincided with a huge depletion in the amount of Tether held in 2 USDT wallets separately owned by Huobi and Binance.
Recall about a month ago, Nairametrics, outlined a report talking about the organic growth of Tether’s market capitalization as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. “Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency without an intermediary.”