Tether (USDT), the world’s largest stablecoin by market capitalization, continues to develop regardless of record-breaking cryptocurrency outflows triggered by Elon Musk’s Bitcoin (BTC) criticism.

On Monday, Tether’s market cap hit $60 billion for the primary time in historical past, marking one other milestone of the stablecoin’s progress. In accordance with information from Tether Transparency, USDT market worth amounts to $60.4 billion on the time of writing, up over 580% from one yr in the past.

Tether’s new market cap document follows a sequence of newly minted USDT tokens at Tether Treasury. In accordance with information from blockchain analytics service Whale Alert, a minimum of 6 billion new Tether USDT tokens have been minted on the treasury over the previous 30 days, with the most recent batch of 1 billion USDT minted on Could 24. In accordance with an announcement by Tether, institutional and company demand is the primary driver of Tether’s continued progress.

USDT repeatedly broke new market cap milestones over the previous two months, adding $10 billion each month.

Tether market cap one-year chart. Supply: CoinMarketCap

Tether broke into the top three cryptocurrencies by market cap alongside Bitcoin (BTC) and Ether (ETH) and has been gaining floor because the third greatest cryptocurrency by market cap over the previous few days, flipping Binance Coin (BNB) on Could 23.

Tether’s continued progress follows large crypto volatility because the market shed $1 trillion from its mid-Could excessive above $2.5 trillion. Bitcoin, which became a $1 trillion asset earlier this yr, misplaced over $400 billion within the newest market crash, with its market cap sitting above $720 billion on the time of writing.

Tether CTO Paolo Ardoino emphasised that intervals of monumental crypto volatility have been typically related to stablecoin progress:

“Throughout these excessive episodes, we’ve traditionally seen an uptick in stablecoin exercise, made evident by Tether’s latest US$60 billion milestone as demand continues to develop. Occasions like these even assist the ecosystem’s power and assist everybody refocus again to constructing reasonably than the distraction of token worth positive factors.”

Founded in 2014, Tether USDT is a significant stablecoin pegged at a 1:1 change ratio with america greenback. Because the world’s largest stablecoin, Tether presently represents 60% of the $100 billion mixed stablecoin capitalization, based on information from CoinGecko. USDT’s greatest rival, USD Coin (USDC), is ranked the eighth largest cryptocurrency by market worth, with a market cap of $20 billion.