In the past few weeks, True USD [TUSD] surged in market value to become the sixth-largest stablecoin overall. Although Tether [USDT] is the largest stablecoin by market cap, the situation is rapidly changing.

AT press time, True USD was the fifth largest stablecoin by market capitalization, per statistics from Coin Market Cap. Its market capitalization has increased by over 15% in the last 24 hours, reaching over $1.1 billion at the time of writing.

A closer examination, however, can provide light on the impressiveness of this action. It can be seen from the historical chart on Coin Market Cap that before 27 February, True USD had a market cap of roughly $968 million. However, the market cap experienced a dramatic increase on 27 February, which caused it to break the $1 billion barrier.