The market cap of the digital stablecoin Tether has exceeded $50 billion
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Answer The market cap of the digital stablecoin Tether has exceeded $50 billion
The market cap of the digital stablecoin Tether (USDT) has crossed the $50 billion mark.
This means that there are now over 50 billion USDT in circulation, each tied to 1 USD.
Paolo Arduino, Chief Technical Officer of Tether, said:
The new number represents a very important milestone.
The success of Tether offers a lesson for a central bank digital currency (CBDC) and a new banking system for the future.
In another interesting development, the issuance or supply of Tether on the Tron blockchain has overtaken that of Ethereum, according toSearch Block“.
Read:Report: $17 million worth of Bitcoin stolen from users of popular exchanges like Binance
The number of Tether on the Tron blockchain is $26 billion, while on Ethereum, it is $24.4 billion.
Arduino commented on this by saying:
Tether is preferred over Tron at the moment due to its lower transaction fees and faster confirmation times.
Most of the Tron-based Tether supply is in Binance, Huobi and OKEx, according to The Block Research.
This means that users of these platforms prefer USDT trading.
USDT is cheaper compared to paper transfers and faster than credit cards and traditional payment systems, according to Tether.
Besides trading, other higher use cases for USDT include payments, transfers, and use in decentralized finance (DeFi), the company said.
Tether remains the largest stablecoin in the market, with a market share of about 66%, according to the same source previously mentioned, followed by the USDC and BUSD stablecoins, with a share of 17% and 9%, respectively.
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