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Tether’s market capitalization (USDT), a stablecoin pegged to the US dollar, has risen sharply in recent weeks, pushing recent Bitcoin (BTC) rally that drove prices to almost all time.

Paolo Ardoino, who acts as double CTO for Bitfinex and Tether, tweeted Thursday, USDT offerings rose 1 billion in nine days, marking the second fastest expansion in its history. The record was set on September 4, 2020, when the circulating supply of USDT increased by 1 billion in eight days.

At press time, Tether had a market cap of nearly $ 19 billion, which means there is approximately USD 19 billion in circulation at a price of $ 1.00.

Tether’s market cap is up nearly four times since early 2020, according to data from CoinMarketCap.

Tether market cap from CoinMarketCap

In the current circulating offering, Tether has the fourth highest market cap of any cryptocurrency.

USDT and other so-called stablecoins offer fiat onramps to cryptocurrency markets, minimizing price volatility and ensuring easy convertibility once digital assets are sold. While USDT is supposedly backed by genuine US dollar reserves, Tether does never produced a full check of her bank accounts.

In 2019 a Bloomberg report claimed that Tether’s USDT was not fully pegged to the dollar, but that the circulating supply is only 74% backed by cash and short-term securities.

Tether is also operated by the same management group that oversees Bitfinex, one of the largest cryptocurrency exchanges in the world. It has been claimed Tether and Bitinex manipulated the 2017 bull market, however proving such a claim is difficult due to the complex nature of decentralized cryptocurrency markets.

Legal experts informed Cointelegraph earlier this year that the scope of market manipulation in an asset as new as Bitcoin will be difficult to pin down.

In the meantime, Tether remains the dominant stablecoin in the industry, accounting for more than three-quarters of stablecoin’s market cap.