Tether (USDT) Is Now The World’s 8th Largest Virtual Asset After Beating Cardano (ADA)
Tether is seen to have beaten Cardano to be the eighth largest virtual asset according to market capitalization.
In a virtual asset market which has experienced a slump in the recent past, the stable coin has risen above Cardano, after registering a market cap of $2.7 billion. Cardano currently has a market cap of approximately $2 billion.
Many virtual asset enthusiasts believe that Tether is one of the safest virtual assets. This is mainly due to the fact that it is pegged to the USD. Even after crypto suffered intense seller pressure in the virtual asset market, whereby it ended up losing approximately 0.03%, it was able to go through a recovery process.
Presently, the crypto is trading above one dollar, where it is changing hands at approximately 1.003. It is also worth noting that it is losing against the UD dollar by approximately 0.05%. On the other hand, Cardano is sliding well over 7%.
According to Kain Warwick, the brains behind Havven, a stable coin, said that it could be easy for authorities to suspend Tether. This is because of the fact it is a virtual asset which is not decentralized. In case it is suspended, this could have a major effect on every major exchange, which could also end up affecting the entire community.
On the other hand, Cardano has been fielding constructive news. This is because it was recently listed on Bittrex as well as Abra, which is a virtual dApp that deals with investments. As a result, it is expected that the coin is likely to have more trade volume.
Tether is a virtual asset which is supported by concrete fiat currency assets. This include notable currencies such as Euros and the US dollar. As a matter of fact, a single Tether is equivalent to the underlying unit of the currency that supports it.
The currency enables firms to simply utilize fiat-backed virtual assets on blockchain. These include businesses such as wallets, payment processors, fiscal services as well as ATMs. One can store, send, and receive virtual assets instantly, globally and safely at cost-effective fees.