XRP and Tether are not in any contest.
Tether (USDT) has, once again, gone past XRP by market cap. Both assets have made their marks as the largest stablecoin globally and as an established altcoin respectively.
But today, Tether is now regarded as a more established altcoin than Ripple following the recent increase in its market cap. Tether is now left with only Ethereum to beat before it can become the biggest altcoin.
The market cap of USDT hit $13.4 billion to make the record, according to data from Coin360. This makes XRP to be the fourth biggest coin since its market cap is now $13 billion.
But this is not the first time this is happening. This news may not be taken so seriously because the same thing happened in May this year before XRP took over again.
The two cryptocurrencies are actually doing well. In May, XRP was at $8.6 billion while USDT recorded $8.8 billion.
The fall in XRP’s market cap came not long after a statement was released from one of Ripple’s top officials. Less than two weeks ago, Emi Yoshikawa of Ripple said that XRP is not there to replace stablecoins or digital currencies developed by central banks.
In fact, the official said that XRP will help stablecoins and CBDCs grow: “We believe that various stablecoins and CBDCs will create synergy by responding to the liquidity problem by bridging independent crypto assets, XRP.”
Tether has made this remarkable achievement despite the fact that investors are also interested in other stablecoins. However, the two most impressive stablecoins so far in 2020 have been Tether and USD Coin (USDC) whose market cap hit $1 billion in July 2020.
Unlike other crypto assets like the Bitcoin whose price fluctuates, the price of USDT is always fixed at $1.
Because of its stability, more people trade with Tether than any other cryptocurrency on a daily basis. Today alone, Coin360 reveals that more than $10 billion has been transacted in USDT while Bitcoin comes next with $9.5 billion. It has also been said that Tether’s daily transfer volume is bigger than that of PayPal.