The world’s most liquid and highest-volume stablecoin Tether (USDT) announced today that it has reached a market cap of $45 billion.
Tether is the most widely traded token, and one of the most widely used pairs includes that with Bitcoin (BTC).
It is also widely used in decentralized finance for lending and as collateral for many dApps, as well as a payment method.
USDT has now exceeded 100 times the trading volumes of USDC, USD Coin, Circle’s dollar-pegged stablecoin.
Paolo Ardoino, CTO of Tether, explained:
“This is setting out to be a landmark year in the history of Tether. While we owe everything to crypto’s king, bitcoin, Tether’s rise heralds a new paradigm in the history of money and payments. The elegant utility of Tether will power an array of apps across different devices throughout this decade. Tether is truly a trailblazer in technological innovation. The market has once again spoken on the most liquid, stable and trusted stablecoin.”
Why has Tether’s market cap grown
Since the first of January 2021, and therefore in just 4 months, the use of Tether by institutional investors has increased so much that $24 billion has been added, a figure that exceeds the market capitalization of all other stablecoins combined.