- Tether surpasses Ripple’s market cap
- Tether has minted $360,000,000 in just this week alone
According to Mesari’s OnChainFX, Tether (USDT) has surpassed Ripple (XRP) by market cap, unseating Ripple’s position as a top #3 cryptocurrency.
Tether is the largest stablecoin by market cap and is offers stablecoins pegged to popular fiat currencies like the US Dollar and Euro.
Although Ripple still claims the third cryptocurrency position on CoinMarketCap, Messari’s cryptocurrency data is far more reliable than CoinMarketCap. According to a recent report filed by the US Securities and Exchange Commission, over 95% of all reported Bitcoin trading volume on CoinMarketCap is either fake or inflated. However, Messari uses algorithms and aggregated data to determine filter and display real cryptocurrency information.
Tether Mints $360M in a Week
As Tether surpasses Ripple’s market cap, the platform continues to mint new tokens.
As reported by The Crypto Associate earlier this week, the platform minted $240,000,000 worth of USDT tokens. In addition, another $120,000,000 was minted this morning, bringing the total to over $360,000,000 this week alone.
According to Tether CTO Paolo Ardoino, the $360,000,000 is for “inventory replenishment” and future demand.
With the World Bank digging deeper into stablecoins, it is crucial that stablecoins remain fully transparent about their reserves.
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