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Tether’s market cap breaks through the 15 billion mark
Tether’s market cap breaks through the 15 billion mark
Stable Coin

Tether’s market cap breaks through the 15 billion mark

By Marco Cavicchioli - 17 Sep 2020

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The Tether (USDT) market cap broke through the $15 billion wall

The really impressive thing is the timing. 

As noted on Twitter by the CTO of Tether, Paolo Ardoino, it took five years to go from zero to 5 billion, 102 days to go from 5 to 10 billion, but only 54 days to go from 10 to 15 billion

To be precise, in 11 days it went from 10 to 11 billion, in another 12 to 12 billion, in another 13 to 13 billion, and then it took 8 days to exceed 14 billion, and 12 to reach 15 billion. 

Tether consolidates its market cap

It is enough to consider that the $10 billion market capitalization was only exceeded on July 21st. 

In the last 30 days, the market cap has increased by more than $3 billion, consolidating the clear dominance of USDT among stablecoins. 

With this growth, USDT consolidates into third place overall among the cryptocurrencies with the highest market capitalisation, behind only bitcoin and Ether, but above the fourth (XRP) by 35%

Indeed, comparing the market capitalization of stablecoins alone, Tether capitalizes almost 78% of this entire market, with the second, USDC, lagging so far behind that it has a market cap seven times lower. 

Impressive volumes

Even more impressive is the comparison of the total trading volumes on crypto exchanges. 

Of the approximately 41.5 billion dollars of daily volume traded in stablecoins on exchanges, as much as 40.1 billion are attributable to USDT, which is more than 96%

The second, USDC, trades only just over half a billion dollars. 

USDT also dominates the overall trading volume, with 40.1 billion out of 64.4. The second cryptocurrency in this ranking, Bitcoin, trades about 25 billion, and ETH 14. 

Tether therefore not only dominates the stablecoin rankings, but also plays a key role in the entire crypto market, particularly as the main substitute for the US dollar. 

In fact, USDT is significantly more used than USD in the crypto markets, with the BTC/USDT pair dominating unchallenged, even compared to BTC/USD. 

In light of these results, it is hardly surprising that more and more users are choosing to use this stablecoin as an alternative to fiat currencies. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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