BitfinexPress Release

Tether Dominates Ethereum-based Stablecoins, According to Research from The Block


ROAD TOWN, British Virgin Islands, April 22, 2020  —  Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, is pre-eminent among Ethereum-based stablecoins, amid a recent surge in market volatility and the inflation of foreign currencies against the US Dollar, according to research from The Block.

The Block found that Tether (USDt) dominates weekly transaction volumes among Ethereum-based stablecoins, with its transaction volume market share roughly in line with its market capitalization market share. USDt’s total market capitalization has more than tripled from about $2 billion in February 2019 to surpass $7 billion.

“Tether is manifestly growing in popularity as the most liquid, stable and trusted stablecoin,” said Paolo Ardoino, CTO at Tether. “Like Ethereum itself, Tether plays a central role in the digital asset ecosystem. Tether’s increasing strength among Ethereum-based stablecoins shows that the market has once again decided. In times of uncertainty and volatility, Tether represents a secure, stable and robust platform.”

USDt has a market share of 77.84 per cent among Ethereum-based stablecoins, according to research by The Block. USDt’s outstanding Ethereum-based supply has grown by 113 per cent year-to-date to from $2.3 billion to $4.9 billion. The aggregate Ethereum-based stablecoin market capitalization has increased 95.38 per cent year-to-date to $6.25 billion, research from The Block found.

Tether works with Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.


About Tether

Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron and Algorand blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a secure, fast and low-cost way to transact with money.

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