USDt surpasses USD45bn market cap
Tether tokens (USDt) has more than doubled this year to a market capitalisation of USD45 billion.
Tether Operations says the ‘Tetherisation’ of trading is continuing 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).
USDt has recently been hitting about 100x USD Coin (USDC) in daily trading volume, according to data from CoinGecko, a crypto data service.
“This is setting out to be a landmark year in the history of Tether,” says Paolo Ardoino, CTO at Tether. “While we owe everything to crypto’s king, bitcoin, Tether’s rise heralds a new paradigm in the history of money and payments. The elegant utility of Tether will power an array of apps across different devices throughout this decade. Tether is truly a trailblazer in technological innovation. The market has once again spoken on the most liquid, stable and trusted stablecoin.”
Institutional and corporate usage form the lion share of demand for USDt, with USD24 billion added since 1 January, 2021, a gain that is greater than the combined market capitalisation of all rival stablecoins combined.
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, Tron and Solana. Tether is driven to support and empower growing ventures and innovation in the blockchain space.