Tether’s US dollar-denominated stablecoin has surpassed the $120 billion market cap for the first time, signaling a potential crypto rally.

Tether’s USDt (USDT), the world’s largest stablecoin, surpassed the $120 billion mark on Oct. 20. This information was taken from the firm’s website, which updates the stablecoin’s supply live.

Stablecoins are the main bridge between fiat currencies and digital assets. A growing stablecoin supply is often used as a signal of an impending bull rally, as it indicates investors are accumulating stablecoins before investing in cryptocurrencies.

The growth in USDT supply could trigger the next Bitcoin (BTC) rally. In August, Tether printed $1.3 billion worth of USDT in five days after the Bitcoin price hit a five-month low on Aug. 5.

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