Tether, the world’s most valuable stable coin by market capitalization, is on the news again. Data feed from Whale Alert, an advanced blockchain tracker and analytics system, revealed that Tether treasury had minted 120 million USDT a few hours ago.
? ? ? ? ? ? ? ? ? ? 120,000,000 #USDT (120,764,833 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) July 22, 2020
As shown by data obtained from Coinmarketcap, a crypto analytic tracker, Tether is ranked the 3rd largest cryptocurrency by market cap of $10 billion, with a daily volume of $17.2 billion, trading at a price of about $1 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.
Barely weeks ago, a Bloomberg report stated that the momentum, with the help of the U.S dollar, was expected to make Tether gain and move to the second spot.
“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin.
“Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.