The massive Tether (USDT) edition by the Tether Treasury threatens XRP’s third largest market value cryptocurrency position in the crypto market. According to CoinGecko data, while Tether (USDT) had a market value of $ 8,621,814,938 at the time of writing, XRP has a total value of $ 8,752,162,343.
However, according to CoinMarketCap data, there is a high price difference of $ 2.3 billion in terms of market value between XRP and Tether. According to CoinMarketCap data, XRP is in third place and not threatened.
USDT as the Third Largest Crypto Currency
According to Messari, Tether is in the list of cryptocurrencies with almost 3 billion dollars more market value than XRP.
Tether’s high USDT edition can affect current Bitcoin prices today, as in the past. Some experts even argue that there is a correlation between USDT and BTC: when Stablecoin rises, BTC drops or vice versa.
Recently, Tether has issued a significant amount of USDT printing, which caused a lot of confusion in the cryptocurrency scene. Tether CTO, Paolo Ardoino, went on to defend that the printed USDTs would not be used immediately, claiming that this was only a backup for emergencies.
PSA: 120M USDt inventory replenish.
Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.
— Paolo Ardoino (@paoloardoino) April 18, 2020
Stablecoins Become Necessary
It is also true that Tether (USDT) is the most effective stablecoin available, although it is claimed to have manipulative effects. The fact that it is fixed to the US Dollar helps both investors and new entrants to the crypto money world to know how much to invest. Tether, which exports USDT, continues to offer new tokens such as CNHT for China and Euro Tether for Europe (EURT) for the claim that the use of these virtual currencies makes digital purchases faster and cheaper.