After receiving an extra $0.6 billion increase in market value within just a few days, Tether (USDT), the top stablecoin in terms of trading volume, has regained its position as the third-largest digital asset by overall market capitalization, surpassing XRP once more.
Tether USDT metrics back in spotlight
USDT’s total market value is approximately $137.22 billion, while XRP comes in at slightly higher with a market cap of about $136.62 billion. Interestingly, it was XRP that outpaced the stablecoin when its price experienced a surge, and there were some uncertainties surrounding the broader cryptocurrency sentiment for USDT.
Participants within the market were worried due to Tether’s disregard for the MiCA regulation in European Crypto Markets. The rejection to conform with the fresh digital assets legislation caused the closure of their Euro Tether (EURT) stablecoin, which, in turn, sparked fear among its users.
Despite the removal of USDT from Coinbase, worries about Tether among investors seem to have diminished. Instead, there’s been a noticeable increase in interest, as demonstrated by the substantial rise in its market volume by 12.93% to $76.9 billion.
Based on information from CoinMarketCap, USDT (Tether) has seen renewed attention within the larger cryptocurrency market, reaching a value of $1.0088. At present, it appears that USDT has reestablished its connection to the U.S. dollar, recovering from any previous deviations.
Tether’s resilience amid MiCA FUD
As an analyst, I’m observing a positive shift in the market as the uncertainty surrounding Tether (USDT) seems to be diminishing. This could lead USDT to find stability in its current position. Notably, Tether has recently been granted a digital asset license to operate within Abu Dhabi, United Arab Emirates, which is an encouraging step forward for their global presence.
The progress indicates that Tether intends to continue holding its dominant position in the digital assets sector, as it expands into fresh market territories.
In simpler terms, Paolo Ardoino, the head of Tether, has reassured the community about the strength and durability of their stablecoin. Ardoino highlighted that no fear, uncertainty, or doubt (FUD) can topple Tether as it continues to be unyielding.
Over the coming fortnight, we’ll see if the attitudes of the upcoming U.S. administration align with conditions that could cause XRP’s value to overtake Tether (USDT) once more.
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2025-01-06 15:41