By Hassan Mehmood (Saudi Arabia)
The stablecoin industry is now more mature than the past as market cap reaching billions of dollars. The market cap of the largest stablecoin Tether (USDT) surpasses the figure of $10 billion.
The adoption of Tether on a large scale continued since March as its market double since then, from $5 billion to $10 billion. Tether celebrated the achievement by saying:
“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.”
Paolo Ardoino, the CTO of Tether, also took to Twitter and counted the features, which make Tether more unique from its competitors in the market. According to him, Tether is “strong, resilient, transparent, regulated, registered with FinCEN, supports decentralization and is a fundamental component of our crypto industry.”
Ardoino said that “Tether is available on: Omni (Bitcoin), Ethereum, Tron, Liquid (Bitcoin), EOS, Algorand, SLP (Bitcoin Cash), OMG (Ethereum, still WIP) and more coming.”
Bridge Between Cryptocurrency and Fiat Currency
The Bitcoin traders and investors use stablecoins to create a rapid bridge between cryptocurrency and fiat currency. And USDT is the favorite one for investors for better liquidity. “USDT is probably the most used product in the entire crypto ecosystem, almost any exchange uses it – have listed pairs against it or offers custody,” claims Ardoino.
Also read:USDT is present in the digital assets ecosystem since 2014, but it gained an enormous reputation over the recent some months. On a monthly basis, the market capitalization of USDT doubled and crossed $10 billion. Recently, it surpassed Ripple (XRP) and could overcome the second-largest cryptocurrency Ethereum in the future.
As cryptocurrencies are known for high volatility, the stablecoins provide a safe way to move out of crypto markets. That’s why stablecoins are popular among investors and traders. The purpose is served by USDT because it is pegged with the US dollar.
Stablecoins’s Transactional Value Overcomes Bitcoin
The crypto data firm Messari found out that the transactional value of stabecoins surpassed Bitcoin in June. `Nic Carter, the co-founder of Coin Metrics, said,”At this pace it looks like Tether alone will catch Bitcoin within a month or two.”
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