The stablecoin market is growing, with Tether (USDT) and USDC hitting new milestones earlier this week.
Tether and Circle mint new stablecoins
The stablecoin market has experienced massive growth since the start of the year, with Tether still maintaining its position in the space. USDT and USDC both achieved new all-time highs earlier this week, after the issuers minted new coins.
Tether minted $1 billion worth of USDT tokens, taking the stablecoin’s total market cap to $60 billion. This is the first time the stablecoin is reaching that milestone, helping it maintain its position as the fourth-largest cryptocurrency by market cap. Tether has now added $10 billion in barely as the Tether revealed earlier this month that the stablecoin had reached the $50 billion.
Tether confirmed this yesterday, stating that “Tether has just surpassed a $60B market cap! In May 2020, #Tether tokens’ market cap was $8B, now a year on, we’ve seen an increase of 581% and demand for Tether token use higher than ever for both trading and retail adoption!.” The stablecoin is now only behind Bitcoin and Ether in the cryptocurrency market.
Tether and USDC continue to grow
USDC also set a new milestone yesterday, after breaking into the top-10 list of the leading cryptocurrencies by market cap for the first time. USDC now has a total market cap of $20 billion, making it the second-largest stablecoin and the eighth-largest cryptocurrency. This came after Circle minted $5 billion worth of USDC coins over the past few days.
USDT has been the leading stablecoin in the world for the past few years. It maintained this position despite the numerous allegations against it in the past. Last month, Coinbase Pro announced support for the USDT stablecoin. The USDT tokens will also be available on the Avalanche blockchain soon.