Chinese demand drove USDT capitalization above $ 10 billion
Tether’s Market Cap Exceeded 10 billion dollars
USDT stablecoin is in demand especially among Chinese investors
The growth of emission is accompanied by attempts to test bitcoin support $ 9000
Demand for the most popular stablecoin Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. WITH… More Growing Fast: The Market Capitalization Of All USDTs In Circulation Exceeded $ 10 Billion.
Tether made it to the top three
Tether only what joined coins with capitalization above $ 10 billion. According to cryptocurrency analytical company Messari, now in circulation at various markets there are USDT coins with a total value of more than $ 10 billion.
Thus, stablecoin ended up in one team with bitcoin and ether, as one of the cryptocurrencies with a capitalization calculated in 10-digit number.
Besides Togo, Tether cemented its position as a leader in the segment of stablecoins, cryptocurrencies, attached to fiat money or other physical assets. Tether’s closest competitor is USDC, issued by an American crypto exchange Coinbase, – has a market cap of 927 million dollars.
However, here you need to take into account the structure of Tether’s monetary base, which differs from the base of its main competitors. These differences have helped Tether carve out a niche market. Unlike the TUSD, USDC and PAX stablecoins, USDT requires a minimum of KYC checks (know his client). So way, it is actively used by clients in the gray zone and shadow economies, which unavailable more legal alternatives.
ABOUT Tom, what are stablecoins, and what they are there are, read our review
Demand came from China
Main source demand for USDT – this China, where OTC trading and brokerage services thrive, selling Tether to Chinese clients looking to buy bitcoin. (The Chinese government has banned bitcoin trading for Chinese yuan. Therefore, USDT here is appreciated. He opens access to cryptocurrencies for those who are actually cut off from the market digital assets).
Of course, there are many scandals and controversies associated with Tether. In particular, some experts argue that it is not backed by anything, and manipulations with the coin provoked the historical rise of bitcoin in 2017. year. Organic demand for Tether comes from China, where people don’t may buy bitcoin and other digital assets for yuan and are forced to acquire them through stablecoin.
Some experts believe that it was the Chinese factor that caused the unexpected soar of bitcoin above $ 10,000 in mid-June.. but you need to understand that increasing the USDT issue does not mean that everything these coins will be used to buy bitcoin. Traders often use them for hedging and insurance against the volatility of the first cryptocurrency.
Bitcoin continues to consolidate near the $ 9000 support and until it is unclear if the growing interest in USDT will be able to push through him to $ 10 000.
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