Crypto stablecoin Tether (USDT) has surpassed $100 billion, its all-time high market value, and has grown by 9% since the beginning of the year, widening the gap between it and its biggest rival, USD Coin (USDC).

Having reached the $100 billion milestone on March 4, USDT has seen a 100% market cap increase in the last day, according to CoinGecko.

USDC issued by Circle, its closest stablecoin rival in terms of market cap, has also increased in market value this year, but Tether is ahead by over $71 billion.

Tether's market cap is on par with British oil and gas giant BP and slightly above e-commerce giant Shopify.

Tether is a cryptocurrency pegged to the US dollar that can be used on 14 blockchains and protocols, according to its website.

Tether, the third largest cryptocurrency in terms of market capitalization after Ether (ETH) and Bitcoin (BTC), plays an important role as a blockchain-based option in crypto traders' search for a stable asset.

In the last month, the crypto market has returned to a market cap of over $2 trillion and Bitcoin has experienced a 50% price increase, reaching two-year price highs.

Tether, the company that issues the USDT token, claims to back each USDT token with independently audited reserves at a ratio of 1:1 to heavily yielding U.S. Treasury Bills (T-Bills) reserves.

So, do you think this growth of Tether will further increase the importance of stablecoins in the cryptocurrency market? We are waiting your comments.#Tether#USDT #Stablecoin