Tether’s market capitalization crossed $50 billion on Monday as the crypto market keeps showing signs of a bull run.
This means that the token’s market cap has grown by over a factor of 10 since the past year. The growth has also solidified Tether’s rating as the world’s largest stablecoin.
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Chief technology officer of Tether, Paolo Ardoino, commented on the landmark growth. He stated,
Crossing a market cap of US$50 billion represents an incredibly important milestone for Tether.
The rising popularity of USDT
Corporate and institutional usage has been the major source of Tether (USDT) demand in the crypto industry, with $29 billion added since January this year. Interestingly, this figure is higher than the combined market cap for all other stablecoins.
Also, USDT’s presence in the payment and e-commerce space is growing at a serious pace. In many use cases, traders prefer using USDT as their medium of exchange primarily because of its lower transaction fees compared to wire transfers of fiat currency. And since USDT is pegged to the UD dollars, it makes sense to a lot of users.
Besides, USDT is largely supported by payment gateways and e-commerce platforms. It also offers faster payments when compared to traditional payment systems and credit card payments. According to Ardoino, these are the features that attract it to so many users.
USDT is compatible with several blockchains
Another feature is USDT’s compatibility with different blockchains, including Solana, Tron, Omni, Liquid Network, EOS, Ethereum, and Algorand. And the Tether network is supporting and empowering innovation and growing ventures within the blockchain space.
As the first stablecoin to be issued, USDT enjoys a unique position. It is the most widely used stablecoin and has remained one of the top quote currencies on several exchanges.
USDT now accounts for an impressive 66% of the overall stablecoin market, with USD Coin following behind with less than an $11 billion market cap.