Today the Tether (USDT) stablecoin has reached a market cap of 17 billion dollars in total, across the various blockchains on which it operates.
In fact, this stablecoin is not only on one but on several blockchains and this means more interoperability and elasticity when using it, especially because this way it is easier to use for trading.
This is a stablecoin that is “blockchain agnostic” i.e. it has decided not to favour one blockchain over another in order to use them all equally and to prioritize user-side usability.
The most successful blockchains hosting this stablecoin include Ethereum, which holds more than 11 billion USDT, then there is TRON with just under 5 billion USDT, while Omni is in third place with 1.3 billion USDT and EOS is in fourth place with more than 90 million USDT.
The success of this asset also depends on and derives from the success of the decentralized finance (DeFi) sector, which was the driving force behind the whole of 2020 with many interesting cases, which also kicked off thanks to the liquidity mining of various protocols.
Tether, the market cap with spectacular growth
Using Tether is inevitable and has now become the main stablecoin used by users, as pointed out by the CTO of Tether and Bitfinex, Paolo Ardoino:
“Tether’s growth in 2020 has been nothing short of spectacular. We now speak of the Tetherization of trading, with the lion’s share of spot trading volume now denominated in Tether. The market has spoken: Tether is preeminent. People trust Tether and like using crypto’s most liquid, stable and popular stablecoin.”
Furthermore, just a few hours ago Tether announced that it was listed on the most popular Turkish exchange in the country, BtcTurk. Turkey is a country where the adoption of cryptocurrencies is rising very quickly, which means that perhaps thanks to this Tether will reach new market cap records.