Tether's circulating supply surpasses 5.3 bln USDT as investors are looking for a hedge

The circulating supply of Tether (USDT) has surpassed $5.3 bln. According to Bitfinex and Tether CTO Paolo Ardoino, it added almost 165 mln tokens in just 24 hours.

The real safe haven

With Bitcoin (BTC) and other major cryptocurrencies erasing nearly 50 percent of their prices, Tether proved to the only safe-haven asset during the Thursday massacre. Investors were converting risky assets into their crypto cash equivalents.

The market caps of some other fiat-pegged stablecoins also swelled. USDC, Tether's closest rival, increased its circulating supply by 31 percent from March 10 through March 15.

image by coinmetrics.substack.com

Breathing down XRP's neck

As reported by U.Today, Tether is now well-positioned to become the third-biggest cryptocurrency (only behind Bitcoin and Ethereum) if its circulating supply continues to increase at the same rapid pace.

During the recent market sell-off, the price of XRP crashed to $0.11, which shrunk its market cap to just $4.8 bln. The token is currently trading at $0.14.