Tether (USDT) Could be Eyeing Ethereum’s (ETH) Number 2 Spot
Tether (USDT) has thus far cemented its position at the number 3 spot according to market capitalization after edging out XRP from the position a few weeks back. How USDT Can Mathematically Edge out Ethereum from the #2 Spot
Further doing the math, and assuming the rate of increase of newly minted USDT is steady, we find that $1 Billion in Tether per month has been injected into the circulating supply since the year began.
If this rate is sustained, it will take approximately 18 months – using ETH’s current market cap of $27 Billion – for Tether to edge out Ethereum from the number 2 spot. Bloomberg’s Analysis that USDT will Eventually Capture the #2 Spot
In a recent report highlighting the June 2020 crypto outlook, the team at Bloomberg explained that although the Dollar is depreciating as a result of Quantitative Easing by the Fed, global demand for the US Dollar will fuel a similar demand for Tether.
