• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Altcoin News / Tether Surpasses XRP to 3rd After Daily Transactions Reach $1.2 Billion in Value
Surpasses

Tether Surpasses XRP to 3rd After Daily Transactions Reach $1.2 Billion in Value

May 28, 2020 by Utkarsh Gupta

Tether, the largest stablecoin asset in the digital asset industry, finally took over XRP in the rankings, trailing close behind the asset for about 3 weeks. At the press time, USDT had a total market cap of $8.85 billion, with XRP continuing its close pursuit of $8.71 billion.

The feat was completed on 25 May after Tether had registered an all-time high number of daily transactions. Tether completed a total of 208,107 transactions, estimated to be worth more than $1.2 billion in valuation.

Tether

Tether continues to garner criticism

Although the increase in the market cap is a huge deal, it is inevitable that USDT will continue to receive some flak from the industry. Behind the curtains, the asset is still in the middle of the overhanging court case held by the Supreme Court of New York.

Tether’s crypto tokens are also supposed to be backed 1:1 with the U.S. dollar, but in April 2019 Bitfinex General Counsel Stuart Hoegner admitted that Tether might be backed by only 74 percent cash and cash equivalent.

This is a strong statement to make and considering that it is still valid at the moment, it directly translates into the fact that over $2 billion dollars in Tether are not backed by dollar value. It is also important to note that in April 2019, only $2.8 billion worth of Tether was in circulation, which has tripled over the last 12 months.

Tether’s movement detrimental to Bitcoin

At the moment, the demand for USDT seemed to be running a never-ending course in the industry, but the consequences might start to pile up for the largest digital asset. Bitcoin Maximalist Joe Saz claimed that one of the reasons Bitcoin was unable to reach $10,000 of resistance was due to Tether’s rapid issuance. He suggested that the USDT interferes with Bitcoin’s natural recovery in the charts. He stated,

“Ok, so 10k was the top. We won’t break it until a bottomis in and it’ll take months to establish that due to massive price discovery mutilation caused by inorganic market elements like tether.”

The impact also transcends onto Ethereum, as the largest stable asset has been hoarding the 2nd largest digital asset’s blockchain.   More than 50 percent of the transaction on Ethereum as the moment is transactions based on USDT, according to data from etherscan.io. Over 1.7 million addresses hold USDT in ETH addresses, with the total circulating USDT assets estimated at around $5.8 billion.

Filed Under: Altcoin News, Bitcoin News, News Tagged With: Bitcoin (BTC), Ethereum (ETH), Tether, USDT

Primary Sidebar

Recent Posts

  • Uniswap [UNI] Garners Maximum Gains While Bears Haunt The Crypto Market April 23, 2021
  • Is Ethereum a Better Asset Allocation for Performance Right Now? April 22, 2021
  • Turkish Crypto Exchange Users Succumb to Losses After CEO Absconds April 22, 2021
  • Tron [TRX] Bulls Stagnate Near $0.12 After Remarkable Comeback April 22, 2021
  • Bitcoin To Encounter “Major Correction” Warns Guggenheim’s Scott Minerd April 22, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.