Tether (USDT), the world’s largest fixedcoin in terms of market value, once again surpassed XRP. Tether as of today; It ranks 3rd in the list of most valuable cryptocurrencies, right behind Bitcoin and Ethereum.
Although the first and second ranks do not change in the list ordered according to market value; It is observed that two digital currencies are in a race to take third place. While both Tether (USDT), the leading fixedcoin with its value pegged to the US Dollar, and Ripple’s strong altcoin XRP, continue to increase their market values significantly, the competition does not end. Currently, the market value of USDT is almost $ 13.5 billion, while the same value for XRP is just over $ 13 billion.
As of today, this is not the first for Tether, which has shifted Ripple’s XRP to 4th place and found itself in 3rd place. In May, Tether’s market value at that time was $ 8.8 billion, leaving behind XRP and ranking third. In May, the market value of XRP was equivalent to $ 8.6 billion.
Despite all this racing rhetoric, the Ripple front does not see XRP and USDT in competition. Ripple’s global operations manager Emi Yoshikawa said in a statement last month that XRP is not in a race with USDT or any central bank digital currency (CBDC). Yoshikawa argued that XRP acts as a complement to fixedcoins and cryptocurrencies issued by countries, and emphasized that such assets can provide a solution to the liquidity problem.
Hardcoins continue to be in demand
Unlike high volatility cryptocurrencies such as Bitcoin or altcoins, fixedcoins; The fact that they are assets with a fixed value on their name, which gives the investor confidence, has also increased the interest in fixedcoins recently. Assets such as Tether or USD Coin (USDC), which mediate the transfer of traditional currencies such as dollars to the digital world, have become more and more preferred by investors.
Although Tether, pegged to the US dollar, ranks 3rd in terms of market value; It is the leader in terms of daily trading volume. According to the report published by Coin Metrics last week; USDT surpassed both Bitcoin and PayPal, the most used digital payment company in the world, in terms of daily transaction volume. Currently, Bitcoin’s daily trade volume is about $ 9.4 billion, while Tether maintains its leading position with a trade volume of over $ 11 billion.