Tether has announced that USDT has surpassed a $40 billion market cap which is 10x higher than the MC back in March 2020. This massive growth sees it number 3 above BINANCE Coin BNB which is hovering around a $39 billion market cap. Obviously a massive discrepancy needs to be noted between the two since, even though both are centralized coins, USDT is regularly minted in the tens of millions with a supply that never stops increasing. Just four days ago 500,000,000 USDT was minted by the Tether treasury. It is currently the dominant stable coin in the cryptocurrency markets towering over the rest with 67% market dominance. There are currently 4x as many USDT as there are USD Coin USDC which is the second largest stable coin.
Tether has seen its fair share of criticism with many accusing it of not being able to back up its rampant production of USDT which must be 'tethered' to real dollars. It also faced wide spread criticism in its roles in Bitfinex's scandal which even saw it face the scrutiny of the US government. That saga ended earlier this year clearly much of the uncertainty that the market has been facing for many years. A settlement was reached and a comparatively small fine of $18.5 million was paid.
As of yet the tether printer has not stopped nor does it show any signs of slowing down. Many perceive it as playing a role larger than just reflecting interest in cryptocurrencies but also propping up price and fueling rampant price speculation. Despite the case being settled with the New York Attorney General, the settlement also requires Bitfinex and Tether to stop servicing customers in the state of New York. which is certainly not a promising sign.
