Tether (USDT) is currently the fourth largest cryptocurrency by market cap. The digital asset has attracted attention by surpassing $ 20 billion. The market value of USDT a year ago was around $ 4 billion.
We can say that it took almost six months for Tether to increase from roughly $ 4 billion to over $ 8 billion from mid-December last year to May this year. The next jump to over $ 13 billion occurred in early September. Tether has seen about half of its rise occur in the last four months.
Much of this rise in Tether’s market value stems from an interest in decentralized finance (DeFi). When it reached $ 15 billion in mid-September, BeInCrypto stated that DeFi projects were behind most of the earnings. However, as the DeFi market grows, the need for USDT will increase accordingly.
Some stones stand out on the growth path of Tether. In August, Tether set out the buyback chop, returning one million USDT to its true owner. This incident, which some called a great act, took a menacing shadow. In New York State, the lawsuit regarding the company’s lack of financial disclosure also had a negative impact.
However, adverse situations aside, Tether continues to increase its market value, despite disclosure and control issues. Could the next stop be $ 25 billion? We will see that too.