The safe haven of safe havens. Undoubtedly, stable coins were the main winners of this entire pandemonium. An example of this is that Tether consolidated in fourth place with a market cap of over $ 6,000 million.
At no point in human history has there been anything like stable coins. With the arrival of Bitcoin (BTC), cryptocurrencies per se revolutionized the world as a new safe haven for humanity. With the arrival of stablecoins, they became the safe haven of the new safe haven with Tether (USDT).
Tether, along with the other stable cryptocurrencies, is used by many in the crypto ecosystem to take shelter in times of high volatility without necessarily giving up their position in cryptocurrencies.
This is the reason why in the midst of the crisis that triggered the new coronavirus pandemic, it is ensured that stable coins were the main winners.
Mainly Tether, which like Bitcoin (BTC) with cryptocurrencies holds the top position among stablecoins. And both have advantages in the market, not only because they are the largest, but also because they arrived first. Today USDT is in fourth place with a market cap of over $ 6 billion.
Although nobody seemed to notice anything, USDT officially passed the $ 6 billion mark.
According to the latest metrics published on the Tether team’s official website, the amount of USDT tokens is $ 6.3 billion.
This secures it firmly in 4th place of all crypto by market capitalization. Only $ 2 trillion from Ripple (XRP), which is in third place.
It is worth noting that the vast majority of USDT in circulation is spent on the Ethereum Blockchain (ETH). USDT is also available on TRON (TRX), EOS and Liquid, Tethers Omni Blockchain. The breakdown can be found in the following annual financial statements published by USDT.
And the other stable coins?
Tether consolidated in fourth place with a capitalization of more than $ 6,000 million. The other stable coins are growing, but not as fast as USDT.
The stable coin that Tether follows, though still a long way off, is USDC, the symbol of Circle and Coinbase. With a market cap of 10 times less than USDT at $ 681,944,933. Then Paxos (PAX) with $ 244,460,277 and Binance Stablecoin (BUSD) with $ 190,143,162.
As we see, fourth place doesn’t seem to have any competitors with a market cap of over $ 6 billion. Although highly controversial, the queen of USDT’s safe havens remains.