USD Tether Market Cap Soars Above US$35 billion
2 min read
Tether Operations Limited (Tether), the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has today announced that Tether tokens (USDt) have crossed the US$35 billion mark, amid growing institutional and corporate demand.
As the most stable, liquid and innovative stablecoin, USDt is cementing its pivotal role within the digital token ecosystem. The ‘Tetherization’ of trading continues at a pace with many digital token spot exchanges denominating pairs in USDt rather than bitcoin (BTC). Meanwhile, USDt is increasingly being used in remittances and innovative projects in the digital token ecosystem, including those in the nascent space of decentralised finance (DeFi).
“The market has once again spoken: people like using Tether,” said Paolo Ardoino, CTO at Tether. “Our growth reflects the utility of Tether in the overall digital token ecosystem, with the market capitalization of bitcoin recently surpassing the US$1 trillion mark. The cryptocurrency space is disrupting the legacy financial system and Tether is playing an important role in this regard, powering myriad projects in the space. Together we are overcoming challenges once thought of as insurmountable as we build an alternative financial system.”
Institutional and corporate demand form the lion share of demand for USDt, with US$14 billion added since January 1, 2021, a gain that is greater than the combined market capitalization of all rival stablecoins combined.
In addition, USDt’s presence in the e-commerce and payments space is growing. USDt represents a superior medium of exchange in many use cases, and can offer lower transaction fees than wire transfers of fiat currency. USDt is supported by numerous e-commerce platforms and payment gateways, and already provides faster payment as compared to credit cards and traditional payment systems.
USDt 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.
[ Read more: Tether CTO Opines on Role of Stablecoin with CBDC ]
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