Tether Topped $30 Billion In Market Capitalization: Report

Tether topped $30 billion in market cap during the surge of soaring interest in Bitcoin as we can see more today in our latest Tether news.

Tether topped $30 billion in market cap and this value grew by about 50% since the year started. The dollar-pegged stablecoin was favored among OTC traders in the past so this doesn’t come as a surprise. The market cap of Tether’s USDT surpassed the $30 billion mark and it also increased its pace recently. The stablecoin’s market cap stood at $20 billion at the start of this year while in just a month it hit $26.6 billion. During the past few weeks, Bitcoin’s price hit $40,000 and continued to surge as well so USDT could have gained a little from it.

According to the transparency page of tether, the company holds about 30,468 billion in total assets with the demand for USDT being driven mostly by larger investors that prefer to execute their trades via OTC (over-the-counter) desks. Exchanges working with these desks have much more liquidity on their platforms which is why the demand is growing. Despite the popularity, Tether is closely linked with Bitfinex and it is almost always a part of some controversy because the company was already accused of market manipulation in the past and is now embroiled in another legal battle with the state of New York.

The latter accused Bitfinex and Tether of partnering to hide losses of $850 million in client and corporate funds. Earlier this month, Bitfinex said that it repaid the $750 million loan from Tether while alleging that the Crypto Capital company stole $850 million.

As recently reported, Following the latest Yearn.finance protocol attack, the major US dollar stabelcoin company Tether froze $1.7 million worth of USDT coins that were stolen from the platform. In the meantime, Bitfinex disclosed that it had made the last loan repayment to Tether. Paolo Ardoino, Tether’s CTO announced the news of the freeze via his Twitter profile on Friday and the company’s action would prevent the hacker from spending these stolen funds. The news of the attack was initially reported by the Decentralized finance protocol on Twitter which revealed that the YFI v1 DAI vault suffered an exploit. In the press release published afterward, the team was able to mitigate the attack under 11 minutes and saved about 24 million DAI out of the 5 million DAI in the vault with $11 drained from it.