The Tether (USDT) stablecoin has for the first time surpassed a market capitalization of $120 billion, marking an important milestone and reflecting the growth potential of the cryptocurrency market.
Tether, the world's largest stablecoin, recorded a price of around $0.9998 at the time of writing.
USDT market capitalization exceeds $120 billion | Source: Coingecko
Stablecoins serve as a crucial bridge between fiat currency and digital assets. The increase in stablecoin supply is often seen as a signal for upcoming price rallies, indicating that investors are accumulating USDT in preparation for investing in cryptocurrencies.
The growing USDT supply could facilitate the next recovery of Bitcoin, currently trading around $68,294. For example, in August, Tether issued $1.3 billion USDT within just five days, right after Bitcoin touched a 5-month dip around $49,500 on August 5th. With this USDT influx, Bitcoin recovered more than 21%, reaching $60,271.
Bitcoin 1-day price chart | Source: TradingView
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Annie
According to Cointelegraph
