Tether market capitalisation surpasses $15 billion

Market capitalisation of the dollar-pegged stablecoin Tether (USDT) reached $15.1 billion. In the last month the figure rose by more than $3 billion.

Tether has just surpassed a $15 billion market capitalization! 🎉

In only one month, Tether’s market cap has increased by more than $3 billion, maintaining its number one spot as the most liquid, stable and trusted currency! pic.twitter.com/MLOWkiIDvF

— Tether (@Tether_to) September 17, 2020

In July, Tether surpassed Bitcoin by the value transferred in a week. Analysts at CoinMetrics attributed this to the rise in popularity of DeFi protocols. In particular, leading projects in the sector, including Compound and Aave, added support for USDT.

In September, Tether released a stablecoin on the Solana blockchain, which could later receive support on the planned Serum DEX.

In addition to Solana, USDT is issued on the networks Algorand, Ethereum, EOS, Omni, Tron, on Blockstream’s Liquid sidechain and on the Standard Ledger Protocol by the Bitcoin Cash developers.

Against the backdrop of record-high fees in the Ethereum network in August, Tether moved 3 million USDT to the OMG Network sidechain, and in early September added support for the second-layer scaling solution ZK-Rollups. Tether is the second-gas consumer in the Ethereum network after Uniswap.

According to information on the Tether website, more than 10 billion USDT coins have been issued on the Ethereum blockchain. On 15 September the stablecoins issuer transferred 1 billion USDT from the Tron blockchain to Ethereum.

What is Tether (USDT)?

Many critics remain sceptical about Tether’s backing due to the absence of regular external audits.

nothing

— xzvtxf (@kvt43099596) September 17, 2020

The issuer of the stablecoin is a defendant in the lawsuit. The court ordered Tether to provide documents concerning its ties with the Bitfinex bitcoin exchange. Following the videoconference held on 17 September, the judge did not set a new deadline for this obligation, but left in place a ban on transferring Bitfinex funds from Tether for another 90 days.

Tether cooperates with law enforcement and blocks addresses where suspicious activity is detected. At the same time, the stablecoin issuer returns funds to users who sent them to the wrong address.

Forklog previously published a piece on how stablecoins affect the cryptocurrency market.

Subscribe to ForkLog news on VK!