Tether (USDT) is now not only the third-largest cryptocurrency, but it also recently passed $9 billion in market capitalization—a milestone. Tether Treasury printed another $200M USDT on Thursday, which brings the total amount of USDT in circulation to above $9 billion.

Tether Treasury’s Transparency report will soon show the change. It was only in mid-April that Tether topped $7 billion in market capitalization for the first time. Now, it’s larger than Ripple’s XRP.

The surge in demand for USDT has been pinned on exchanges that have been hoarding more and more of the stablecoin than ever before. However, stablecoins beside USDT have not experienced a similar surge in demand.

Tether still remains marred in controversy over whether its USDT is backed 1:1 with USD. Many have likened Tether Treasury’s printing to the U.S. Federal Reserve.

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