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Yesterday the controversial stablecoin Tether (USDT) briefly overtook Stellars Lumen (XLM) as the fourth largest cryptocurrency by market cap.
As a clear sign of the times, Tether is making its way up the market cap ranks. As of now XLM is back in fourth with USDT edging ever closer to the snatching the position once more. With a mere 5 million between them, there's not much holding USDT back.
Even Tether are thinking... tf pic.twitter.com/kVqhGEylZh
— Ross Kotler (@kotler_ross) December 8, 2018
top 5/10 will be stablecoins 2019.
— Nourielaurus Roubiniaurus (@DanielMulushet) December 8, 2018
Controversy has followed Tether since its emergence into the scene, from concerns ranging from manipulation of the markets to USDT's solvency. Back in October, the latter was questioned when Bitfinex suspended its fiat deposits, leading the market to suspect that both Bitfinex and its resident stablecoin, Tether, were insolvent. This led to a massive sell-off of USDT, dragging it away from its USD dollar peg, all the way down to $0.86.
Read more: Bitfinex statement in the midst of Tether storm: fiat deposits open in 24 hours