Tether’s United States dollar-denominated stablecoin has surpassed the record $120 billion market capitalization 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, according to the firm’s website, which offers live updates of the stablecoin’s supply.

Tether’s USDT hits record $120B market cap, flashing ‘Uptober’ signal image 0

Tether Tokens in circulation. Source: Tether.to

Stablecoins are the main on-ramp between the world of fiat currencies and digital assets. A growing stablecoin supply is often used as a signal to predict an upcoming bull rally, as it suggests that investors are loading up on stablecoins before investing in cryptocurrencies.

The growing USDT supply could help catalyze the next Bitcoin ( BTC ) rally. In August, Tether minted $1.3 billion of USDT in five days after the Bitcoin price bottomed at a five-month low of above $49,500 on Aug. 5.

By Aug. 9, the $1.3 billion USDT helped Bitcoin stage an over 21% recovery to trade at $60,271 from the Aug. 5 market bottom.

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This is a developing story, and further information will be added as it becomes available.