Tether’s Circulating Supply Increases, Surpassing $5.3 Billion

Tether’s circulating supply skyrocketed and surpassed $5.3 billion dollars according to the Tether CTO and Bitfinex CTO Paolo Ardoino, adding more than 165 million tokens in less than a day as we are reading in the latest Tether news.

With Bitcoin and other major cryptocurrencies getting rid of about 50 percent of their prices, Tether’s circulating supply increased and proved once again to be the only safe haven asset during the Thursday market crash. The investors started converting some of their risky assets into cash. The market capitalization of some of the other fiat pegged stablecoins also increased. The USDC which is the closest rival to Tether increased its circulating supply by more than 30 percent from the start of March.

As reported in the tether news, Tether is also in a good position to become the third-largest cryptocurrency behind Ethereum and Bitcoin, and if its circulating supply continues to increase with the same pace, the demand for the cryptocurrency could increase as well. During the recent market sell-off, the price of XRP also crashed to $0.11 and then shrunk its market cap to about $4.8 billion. The token is currently trading at $0.14.

As per the recent Tether news, Tether can be used by the traders to protect themselves against the volatility on the market or in other periods where the virtual currencies drop so the users are forced to keep their positions in USD or fiat. Tether is the largest stablecoin on the market despite the fact that there are no other stablecoins that are used in the space. It is worth remembering that aggregators on the market don’t reflect on the current increase of USDT minted over the past few days. CoinMarketCap only shows the same old valuation without the $500 million minted.

There’s also evidence suggesting that below $5000 trading level will be the norm as of now but new factors such as impending reward halving will no doubt have a huge impact on Bitcoin’s value but these attempts to predict which element will turn the market, is quite risky. It is worth noting that the entire crypto space seems to be more connected to the traditional commodity markets that are also in a state of turmoil.