ROAD TOWN, British Virgin Islands, June 12, 2020 — Tether.to, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has eclipsed Ripple’s XRP to become the second largest altcoin behind Ethereum tokens (ETH).
USD Tether (USDt) has made a rapid ascent in 2020, amid challenging market conditions and, at times, extreme levels of market volatility. USDt is also playing an increasingly important role as a valuable source of liquidity in the nascent DeFi space, which has spawned innovative financial products such as flash loans that form part of an alternative financial system.
USD Tether (USDt) has grown to a market capitalization of US$9.6 billion, dwarfing the size of rival stablecoins by market capitalization, trading volume and number of users. USDt’s market capitalization has eclipsed that of XRP, which currently stands at US$8.5 billion, according to data from CoinMarketCap, a provider of cryptocurrency market data.
“Tether is manifestly growing in popularity as the most liquid, stable and trusted stablecoin,” said Paolo Ardoino, CTO at Tether. “Tether’s ascent to become the third biggest cryptocurrency underlines the pivotal role USDt plays in the cryptocurrency ecosystem. The march of USDt is gathering momentum amid growing recognition that stablecoins will play an important role in the future of finance as a trusted and robust form of digital money.”
As of May 12, 2020, USDt has a market share of 77.84 per cent among Ethereum-based stablecoins, according to recent research by The Block. USDt’s outstanding Ethereum-based supply has grown by about 113 per cent year-to-date to from US$2.3 billion to US$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 functions as the reserve currency for the crypto market,” said Ardoino. “The recent market instability has demonstrated that there is a huge need for this asset. Investors want a safe haven to reduce the risk in their portfolios.”
In addition to it’s Ethereum-based version of USDt, there are versions of USDt that work on Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
USDt is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, USDt 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. USDt combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, USDt is a secure, fast and low-cost way to transact with money.
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