Tether has left behind XRP in market capitalization and has taken the position of world third largest cryptocurrency after Bitcoin and Ethereum. Ripple has remained at this position for a long time, but now, its rule is overpowered by USDT.
USDT Replaces XRP
The dollar-backed token who was introduced as to establish a quick bridge between the US dollar and a cryptocurrency is now itself the world’s third-biggest cryptocurrency by market cap. It is interesting to see whether it will get successful in replacing the Ethereum from the number two position. Since the start of the year, USDT doubled in its market cap. If it again doubles in market capitalization, it would easily overrun Ethereum.
Once, XRP overtook world top digital asset Bitcoin for a brief time, and it also briefly overrun Eth in 2018. But now, it has knocked down by stablecoin pegged to the US dollar, which shows that stabecoin’s era has come.
Also read:$212 billion Transacted via Tether in 2019
Per the new study unveiled by The Block, $212 billion were transacted via Tether in 2019. Now, it is comprised of the 85% share of the stablecoins market, and USDT is hosted on various platforms, including Ethereum, Omni, and Tron. Omni’s control is decreased by 14% while Ethereum and Tron are surged by 151% and 118% respectively.
“Do you think Tether has more use cases than Xrp?” a Twitter user asked from Ripple CTO. David Schwartz said in a reply:
“I think they have different use cases. I don’t think an asset pegged to one country’s fiat through a central party you have to trust can be universal. But XRP has volatility that makes it harder to use in many use cases.”
The stablecoins have surged rapidly in the first quarter of 2020, and the major credit goes to Coronavirus pandemic. Facebook is also launching stablecoins backed by various fiat currencies.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.