Could Tether be the USA 41st bank

Tether (USDT) could be America’s forty-first largest bank, a tradingplatforms.com’s data presentation shows. The stablecoin has a market capitalization of about $79 billion per the presentation. That valuation means that USDT has surpassed the total value of all but the top 40 banks in the U.S. by market capitalization.

With its market cap, Tether is now worth more than 41st-placed City National Bank. The latter has a valuation of $76 billion. Again USDT is just $2B shy of the fortieth placed Zions Bancorporation N.A, which has a market cap of roughly $81.5 billion.

How does Tether stack up against leading banks?

It seems like an odd comparison, but there are some similarities between USDT and banks. That makes it worth looking into how they stack up against each other. One can view both as stores of wealth for people looking for stable holdings for their assets. Again, both have to deal with problems of liquidity.

“By all intents and purposes, Tether is a bank only that it isn’t,” says tradingplatforms.com’s Edith Reads. She says so, alluding to the crypto’s use in storing and moving funds globally, and adds, “The comparison puts into perspective how far the cryptocurrency industry has come. Tether’s growth is a remarkable feat. Though barely a decade old, it is competing favorably with some banks that have been in business and amassed capital for decades.”

Ranking America’s top banks

Tradingplatforms.com’s analysis considered the top 250 banks in America. JP Morgan Chase Bank remains the largest bank in market cap terms. The banking giant is worth over $3T.