The market capitalisation of the dollar-pegged stablecoin Tether (USDT) has surpassed the $50 billion mark, having risen 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
By the end of April 2020, the stablecoin’s market capitalisation had surpassed $7 billion.
“We have reached an important milestone. Our success is a benchmark for CBDC and the banking system of the future. Tether plays an important role in the ecosystem of digital tokens through a multitude of protocols and applications”, — said Tether’s CTO Paolo Ardoino in an interview with Cointelegraph.
USDT accounts for 52.7% of all cryptocurrency trading volume, according to CoinGecko.
According to Messari, Tether’s dominance among stablecoins stands at 66%. The share of the second-placed USDC is 13.78%.
By the end of March 2021, independent auditor confirmed the sufficiency of Tether Holdings Limited’s reserves to fully back USDT.
Earlier, the issuer of the stablecoin and the cryptocurrency exchange Bitfinex settled the dispute with the New York Attorney General’s office over the $850 million loss. At the time, Attorney General Letitia James called Tether’s statements that the digital asset was fully backed by US dollars false.
According to information on the Tether site, about 24.6 billion USDT have been issued on the Tron blockchain, and 24 billion on the Ethereum network. Ardoino explained that this reallocation was driven by the high cost of transactions.
Recent high-transaction fees on #Ethereum pushed more #tether flow onto #Tron
In the end no one wants to pay 20$ to send 100$.
EVM compabible blockchains make swaps almost seamless.https://t.co/jaAELoYoqR— Paolo Ardoino (@paoloardoino) April 26, 2021
The chief technology officer said he was prepared to expand support for Layer 2 solutions. In particular, the plan is to launch a coin on the Deversifi decentralized exchange based on ZK-Rollups. In April 2021, Tether launched USDT on the Hermez Network, which uses 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 the stablecoin on the Polkadot and Kusama networks.
As noted earlier, on 26 April deposits for USDT opened on the cryptocurrency exchange Coinbase Pro, which together with Circle is the issuer of the other stablecoin USDC.
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