- In terms of volume, Tether is actually the #1 cryptocurrency
Tether (USDT), which is the most popular stablecoin, has overtaken Ripple on the CoinMarketCap rankings, meaning that only Bitcoin and Ethereum have larger market caps than the token at this point.
At this time, Tether has a market cap of USD 8.76 billion, while Ripple has a market cap of USD 8.59 billion. Although their market caps are fairly close as of now, the trend is certainly in favor of USDT, which has seen its market cap skyrocket by more than 100% since the beginning of the year.
Astonishingly, although Tether has just surpassed Ripple in terms of market cap, the trading volume of the token is actually 32 time higher than the latter’s trading volume. In-fact, Tether has a slightly higher trading volume than Bitcoin and, therefore, is the #1 cryptocurrency at this time in terms of trading volume.
Zooming out, the rapid rise of Tether’s dominance indicates that stablecoins are becoming more popular than ever before. This is due to them taking the place of regular fiat currency across the crypto market, primarily because stablecoins like Tether are far more liquid and easier to use than regular fiat for crypto trading purposes.
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