The market cap of tether, the world’s largest stablecoin, topped the $50 billion mark on Monday.
- Demand for USDT has been driven by institutions and corporates in 2021, which has seen the market cap grow by $29 billion since the start of the year.
- The market cap is greater than that of all rival stablecoins combined.
- Tether received a boost last week when the now publicly listed Coinbase announced it would allow “inbound transfers” for the stablecoin on its professional trading platform.
- The stablecoin has been dogged by controversy in recent years, with the Office of the New York Attorney General (NYAG) this year stating that USDT had not been fully backed by U.S. dollars at all times.