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After being listed by Coinbase Pro, Tether (USDT) price has experienced sharp growth.
Tether (USDT), the oldest and leading stablecoin in the cryptocurrency market, has surpassed $50 billion market cap. Notably, there has been a significant demand for the dollar-pegged stablecoin, particularly Tether (USDT) as indicated by a sharp increase in daily traded volume.
According to metrics provided by CoinGecko, Tether (USDT) had a daily traded volume of approximately $131 billion. To put the figures into proper perspective, Bitcoin reported a daily traded volume of approximately $59.5 billion, and Ethereum at approximately $36 billion.
Tether (USDT) Market Outlook
There are several factors that have contributed to the success of the stablecoin market particularly the Tether (USDT). Notably, Coinbase Pro announced last week that it would immediately allow “inbound transfers” for USDT in its supported jurisdictions, except for the US state of New York. “Starting immediately, we will begin accepting inbound transfers of USDT to Coinbase Pro. Trading will begin on or after 6 p.m. Pacific Time (PT) Monday April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC-20 USDT,” the company indicated.
After being listed by Coinbase, the only publicly traded crypto company, Tether (USDT) has experienced sharp growth thanks to the bull market. As more retail traders get involved with cryptocurrency trading, the need for stablecoins to take instant profits has increased. Furthermore, they are a form of cryptocurrency as they are backed by blockchain technology. However, Tether is built on the Ethereum blockchain.
Another factor that has contributed to the growth of Tether (USDT) is the fact that Bitfinex and Tether settled with the Office of the New York Attorney General in the landmark case against Tether.
Bitfinex and Tether agreed to pay a fine of $18.5 million to settle damages incurred. However, the ruling noted that Bitfinex and Tether should immediately stop servicing all customers in New York State. “Under the terms of the settlement, we admit no wrongdoing. The settlement amount we have agreed to pay to the Attorney General’s Office should be viewed as a measure of our desire to put this matter behind us and focus on our business. We are pleased that our customers have shown loyalty and commitment to our businesses over the past two years, while this investigation was ongoing,” Tether noted during the ruling.
The stablecoin market has grown astronomically since the onset of the coronavirus pandemic. According to metrics provided by CoinGecko, the entire stablecoin market has a market capitalization of $83,047,307,619. Other notable stablecoins include USDC, BUSD, and DAI that have market capitalization of $13.5 billion, $7.1 billion, and $3.4 billion.