![Dollar-pegged stablecoin Tether is now the world’s 4th biggest cryptocurrency](https://img-cdn.tnwcdn.com/image?fit=1280%2C720&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2019%2F09%2Ftethercap.jpg&signature=4fd4a090a8c0ca306a8d542213add995)
Controversial USD-backed stablecoin Tether is now the world’s fourth biggest cryptocurrency, only surpassed by Bitcoin, Ethereum, and Ripple.
Tether, which is actually only 74-percent backed by cash and other assets, garnered a higher share of the market after a major sell-off.
According to CoinMarketCap, Tether currently has a market capitalization of $4.13 billion.
Its trading volume stands at $36 billion over the past 24 hours.
![](https://cdn0.tnwcdn.com/wp-content/blogs.dir/1/files/2019/09/Screenshot-2019-09-25-at-15.57.03.png)
Meanwhile, Bitcoin – undoubtedly the world’s most famous cryptocurrency – suffered a considerable decrease in terms of both price and market cap.
![](https://cdn0.tnwcdn.com/wp-content/blogs.dir/1/files/2019/09/Screenshot-2019-09-25-at-16.08.23.png)
Although Tether enthusiasts may see this as cause for celebration, I wonder how hardcore cryptocurrency fans will stomach a stablecoin pegged to the US dollar being in the top four – it’s likely they’ll find it outright tragic.
Come say hi to the Hard Fork team at our blockchain event. On October 15-17 in Amsterdam, hear from top experts as they discuss the industry’s future.
Get the TNW newsletter
Get the most important tech news in your inbox each week.