The blockchain-enabled platform that powers the largest stablecoin by market capitalization, has risen above US$17 billion in market capitalization as the most liquid and trusted stablecoin continues to enjoy rapid growth.
The importance of tether (USDt) tokens are growing as the stablecoin performs an increasingly vital function within the digital asset ecosystem. While USDt tokens continue to play a pivotal role in the trading of digital assets, crypto’s reserve currency is also being increasingly used in remittances and innovative projects in the digital asset space, including decentralised finance (DeFi).
“Tether’s growth in 2020 has been nothing short of spectacular. We now speak of the Tetherization of trading, with the lion’s share of spot trading volume now denominated in Tether. The market has spoken: Tether is preeminent. People trust Tether and like using crypto’s most liquid, stable and popular stablecoin.”said Paolo Ardoino, CTO at Tether
USDt’s total market capitalization has mushroomed from about US$2 billion in February 2019 to reach about US$17 billion. Tether works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron and Algorand blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.