On September 25, Tether (USDT), the first and most popular stablecoin, leapfrogged past Bitcoin Cash to claim the #4 spot in the cryptocurrency market by market cap.
Based on CoinMarketCap’s data, Tether (USDT) has a market capitalization of about US$4.12 billion [AU$6.1 billion] compared to Bitcoin Cash (BCH) – the former #4 cryptocurrency – which has a market capitalization of $4 billion.
In a press release sent to Micky, Paolo Ardoino, Chief Technology Officer at Tether said that USDT claiming the fourth place in the cryptocurrency market indicates that it is largest, most trusted, and most liquid stablecoin.
“The market has decided,” said Paolo Ardoino, Chief Technology Officer at Tether. “As the chosen stablecoin in crypto, Tether is by far the biggest, most trusted and liquid. The fact that it has today claimed fourth place in the market is indicative of this.”
In an otherwise red market, with Bitcoin suffering a sharp 17% drop, USDT managed to demonstrate its strength.
However, its position is not expected to last long, with Bitcoin Cash expected to rebound after its sharp 21.03% drop over the past 24 hours.
More positive news for Tether
In April 2019, New York attorney general Letitia James accused the company behind Tether of minting as much as $900 million worth USDT for Bitfinex.
On September 24, Bitfinex won a motion in the appellate division of the New York Supreme Court delaying a request that the exchange turn over documents detailing its use of Tether.
Although Bitfinex may be required to do so at a later date, it is possible that it won’t be required to produce the documentation at all.