{"id":260058,"date":"2020-05-12T08:27:44","date_gmt":"2020-05-12T12:27:44","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=260058"},"modified":"2020-06-14T15:24:34","modified_gmt":"2020-06-14T19:24:34","slug":"tether-gearing-up-to-take-xrps-place-as-third-largest-crypto","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/tether-gearing-up-to-take-xrps-place-as-third-largest-crypto","title":{"rendered":"Tether Gearing Up To Take XRP\u2019s Place As Third-Largest Crypto"},"content":{"rendered":"

Tether has slowly, but surely, worked its way to becoming the third-largest cryptocurrency the world has to offer. This would mean surpassing Ripple\u2019s XRP, but that will be inevitable at the rate USDT<\/a> is printing money, set to surpass the coin in a few days\u2019 time at this rate.<\/p>\n

Readying To Take Third Place From XRP<\/strong><\/h2>\n

Throughout the past two months, Tether has been continuously printing new USDT, issuing a record amount as of late. To put it in perspective, Tether\u2019s market capitalization stood at approximately $7 billion on the 19th of April, 2020. According to Tether\u2019s own transparency numbers<\/a>, however, this number has been increasing and now stands at an incredible $8,622,300,975. When you crunch the numbers, that\u2019s approximately $40 million USDT printed out every day in the month of April, on average.<\/p>\n

Tether\u2019s growth has been astounding by any perspective and worrying by many more. The USD-based stablecoin seems poised to overthrow Ripple\u2019s token, the XRP, for the position of third-largest cryptocurrency out there.<\/p>\n

\"\"<\/a><\/p>\n

A Simple Matter Of Time<\/strong><\/h2>\n

XRP itself is valued at approximately $8.7 billion at the time of writing. This means that Tether only needs to inject another $100 million into its system to definitively push it past the market capitalization of Ripple. With the sheer rate Tether has been printing money, this seems more like an inevitability set to happen within the week.<\/p>\n

Within the past few days alone, Tether has printed out an incredible $500 million in USDT<\/a>, so surpassing Ripple\u2019s XRP could happen faster than anyone would expect.<\/p>\n

Caution Highly Advised<\/strong><\/h2>\n

However, not everything\u2019s sunshine and roses for Tether. With the constant printing of new USDT, a coin supposedly backed 1:1 in value by the USD fiat, questions have started to rise. The fact of the matter is, it\u2019s highly suspect to print such a large amount of USDT<\/a> and still have it backed in value.<\/p>\n

The standard explanation for this massive surge in USDT printing has been attributed to the rise in demand for the USD-backed stablecoin. However, this doesn\u2019t explain away the fact that in the span of a few months, Tether claims to have sourced over $2 billion to back its equivalent in USD printed.<\/p>\n

The plot thickens further when one looks at other stablecoins, who haven\u2019t managed to see the same level of growth that Tether has gained. Even Tether\u2019s greatest competitor in the USD-backed stablecoin market, Coinbase\u2019s USD Coin (USDC), couldn\u2019t achieve the levels of growth that Tether has done in recent times.<\/p>\n

One must be wary of Tether until they definitively prove they have the money to back their coins. USDT will only function as long as no one asks questions, but someone will ask questions eventually. It\u2019s only a matter of time before Tether is forced to reveal a full audit of its holdings, and the prognosis is grim indeed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether has slowly, but surely, worked its way to becoming the third-largest cryptocurrency the world has to offer. This would mean surpassing Ripple\u2019s XRP, but […]<\/a><\/div>","protected":false},"author":1717,"featured_media":226133,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7598,7599,5257,5429,7689,7591],"class_list":["post-260058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-crypto","tag-market","tag-ripple","tag-tether","tag-usdt","tag-xrp"],"acf":[],"yoast_head":"\nTether Gearing Up To Take XRP\u2019s Place As Third-Largest Crypto<\/title>\n<meta name=\"description\" content=\"It\u2019s only a matter of time before Tether is forced to reveal a full audit of its holdings, and the prognosis is grim indeed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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