Today Tether (USDT) is celebrating an important milestone because it has exceeded the $10 billion market cap.
In March 2020 we hit a big milestone as our market capitalization hit $5 billion. Now only four months later we’ve surpassed a $10 billion market capitalization 🔝
Another huge accomplishment for 2020, solidifying $USDt place as one of the most liquid, stable & trusted currency! pic.twitter.com/ZsYBFYvyJ1
— Tether (@Tether_to) July 22, 2020
Tether (USDT) is a stablecoin that has the US dollar as its underlying. It is a centralized stablecoin because the user cannot issue them, unlike decentralized stablecoins like DAI.
In any case, Tether is the most used stablecoin and has impressive volumes, making it the first stablecoin used in the blockchain industry and the third crypto in the world per market cap.
One of the advantages and success of this stablecoin lies in its expansion on major blockchains, such as Omni, Ethereum, TRON, EOS, Liquid, Algorand and Bitcoin Cash through SLP tokens.
When analyzing the data for the individual blockchains, which is possible thanks to the transparency tool provided by Tether itself, it is possible to see the main blockchains active in the use of this stablecoin:
- In first place there is the Ethereum blockchain, with over 6 billion USDT, widely used in decentralized finance (DeFi);
- In second place, the TRON blockchain with almost 3 billion USDT;
- In third place, with just over 1 billion USDT is the Omni blockchain.
Among the blockchain with figures in the order of millions there are:
- Liquid, with over 16 million USDT;
- Bitcoin Cash with its SLP tokens, with about 6 million USDT;
- ckchain which only stops at 4 million.
At any rate, today’s milestone is truly remarkable and leads Tether to have 10 times the market cap of the second most used stablecoin, USDC, which barely exceeds one billion.
Finally, it should be noted that in addition to these assets there is also EURT with a total of 40 million, CNHT with more than 23 million and finally also XAUT with 48 thousand, which is Tether gold, the stablecoin pegged to the precious metal.
