“Ethereum killer” Solana crypto has surpassed Tether, becoming the biggest stablecoin provider in terms of market capitalization with $75 billion compared to Tether’s $73.8 billion, according to CoinGecko.
At press time, Solana is in fourth place in terms of market capitalization. Its closest competitor, BNB, currently holds third place with an impressive $109 billion. The major part of its capitalization has been gained in the most recent rally started at the beginning of November.
Tether has not started up the “printer” again, which means that Solana still has some time to gain traction and create a small lead. With each issuance of new Tether tokens, the market cap gets an average of a $1 billion increase.
The increasing market value of Solana is tied to the previous rise of the NFT industry and decentralized applications. The total market capitalization of NFTs built on the Solana network is nearing $1 billion, which makes it the second-largest network for NFT art.