The market capitalization of the dollar-pegged stablecoin Tether (USDT) has surpassed the $ 50 billion mark and has grown by more than $ 10 billion over the past month.
🎉 Tether has just surpassed $50B market cap!
🚀Tether’s market cap is growing fast, with a monthly increase of $10B. Will we reach $100B before 2022?Stay up to date on our official Telegram channel ⬇️https://t.co/137b5oOauU pic.twitter.com/VMV4C52U5t
— Tether (@Tether_to) April 26, 2021
At the end of April 2020, the capitalization of the stablecoin exceeded $ 7 billion.
“We have passed an important milestone. Our success is the benchmark for CBDC and the banking system of the future. Tether plays an important role in the digital token ecosystem across multiple protocols and applications, ”Tether CTO Paolo Ardoino told Cointelegraph.
USDT accounts for 52.7% of total cryptocurrency trading volume, according to CoinGecko.
Messari estimates that Tether’s dominance index among stablecoins is 66%. The share of the second-ranked USDC is 13.78%.
At the end of March 2021, an independent auditor confirmed that the reserves of Tether Holdings Limited were sufficient to fully cover USDT.
Earlier, the stablecoin issuer and the cryptocurrency exchange Bitfinex resolved the conflict with the New York State Attorney’s Office in the case of the loss of $ 850 million.
According to information on the Tether website, about 24.6 billion USDT were issued on the Tron blockchain, and 24 billion on the Ethereum network. Ardoino explained this castling by the high cost of transactions.
Recent high-transaction fees on #Ethereum pushed more #tether flow onto #Tron
In the end no one wants to pay 20$ to send 100$.
EVM compabible blockchains make swaps almost seamless.https://t.co/jaAELoYoqR— Paolo Ardoino (@paoloardoino) April 26, 2021
The CTO pledged to expand support for tier 2 solutions. In particular, the coin is expected to appear on the Deversifi decentralized exchange based on ZK-Rollups. In April 2021, Tether launched USDT based on the Hermez Network based on the same technology.
Both @Tether_to and @bitfinex are committed to support more L2 solutions.
We launched @hermez_network L2 rollup support recently, we’ll be looking towards further integrations (CC @deversifi )— Paolo Ardoino (@paoloardoino) April 26, 2021
Earlier, Tether announced the launch of a stablecoin on the Polkadot and Kusama networks.
On April 26, the cryptocurrency exchange Coinbase Pro opened deposits for USDT, along with Circle serving as the issuer of another stablecoin, USDC.
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