USDT’s market capitalization has more than doubled from approximately $2 billion in February 2019 and the token is now available on several blockchain, from Ethereum to Tron, via EOS, Omni, Liquid Network and Algorand.
Moreover, it is also growing its role within the DeFi ecosystem, where it intends to bring a huge amount of liquidity.
Tether’s CTO, Paolo Ardoino, said:
“USDt is increasingly deployed across an array of projects poised to sweep through the financial system over the next five to 10 years. We’re proud that it has breached the $5 billion mark with USDt manifestly so well supported within the digital asset ecosystem“.
Ardoino also spoke about the current market situation, and in particular the price of bitcoin. He argues that, due to the ongoing global financial crisis, central bank policies will change, allowing bitcoin to prove its value over time.
Tether’s CTO points out that recent falls in the value of BTC have wiped out last year’s gains, and that this has occurred within a broader picture of the stock market crisis, with the European Stoxx 600, for example, recording the worst daily loss ever since the European Central Bank Governor’s statements disappointed the markets.
“While Bitcoin critics will pounce on today’s 20 percent price crash, a day does not a market make.
Bitcoin is a battle tested asset which will in time will prove its underlying strength as a genuine store of value.
While Bitcoin has grown to fruition during a period of massive QE from central banks it will in time prove its metal as these policies surely begin to fail”.