Tether tokens (USDt) has crossed the USD35 billion mark, amid growing institutional and corporate demand.
USDt is cementing its role within the digital token ecosystem with many digital token spot exchanges now 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,” says Paolo Ardoino, CTO at Tether. “Our growth reflects the utility of Tether in the overall digital token ecosystem, with the market capitalisation of bitcoin recently surpassing the USD1 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 USD14 billion added since 1 January, 2021, a gain that is greater than the combined market capitalisation 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.
