Disclaimer: The opinions expressed by our writers are their own and do not represent the opinions of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Tether (USDT), the largest stablecoin by trading volume, has recovered Third place In ranking digital assets by market capitalization. USDT Displaced XRP after an additional $0.6 billion increase in its market cap in just a few days.
USDT benchmarks are back in the spotlight
The market cap of USDT is $137.22 billion compared to $136.62 billion for XRP. Notably, XRP outpaced the stablecoin when its price rose and the broader cryptocurrency sentiment around USDT was uncertain.
Related to
Market participants were concerned about Tether's non-compliance with European Markets in Cryptoassets (MiCA) regulations. The stablecoin's refusal to comply with new digital asset regulation has led to the shutdown of its stablecoin Euro Tether (EURT), sparking panic among users.
However, despite the removal of USDT from Coinbase, concerns among market participants regarding Tether appear to have subsided. Investors are now embracing the stablecoin, as evidenced by the huge 12.93% surge in market volume to $76.9 billion.
According to CoinMarketCap DataUSDT regained interest in the broader cryptocurrency space, rising to $1.0088. According to current forecasts, the stablecoin has regained its lost peg to the US dollar.
Flexibility of Tether amid MiCA FUD
Analysts say that as Fear, Uncertainty and Doubt (FUD) fades from the market, USDT may settle into its new place. Meanwhile, the stablecoin company recently obtained a digital asset license to operate in Abu Dhabi, UAE.
Related to
This development indicates that Tether remains determined to maintain its leading role in the digital asset space amidst this A push into new markets.
Tether CEO Paolo Ardoino also assured the community of the stability of the stablecoin. Arduino emphasized that no amount of FUD can cause Tether to collapse Still unstoppable.
The next two weeks will determine whether the sentiment of the new incoming administration in the US can support the XRP price to flip USDT again.
Source link