British Virgin Islands, October 16, 2020 – Tether.to, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has surpassed US$600 billion in cumulative transaction volume on Ethereum ERC 20 tokens, according to Glassnode, an on-chain blockchain analytics data provider.
The Glassnode research found that Tether token transaction volume on Ethereum increased by around 20 per cent over the past 30 days to reach the new cumulative milestone of US$600 billion.
“Tether’s important role in the digital asset ecosystem is further underlined by these Glassnode findings,” said Paolo Ardoino, CTO at Tether. “If you were to add Tether’s usage on other chains such as Tron, Omni, and Algorand, the headline figure would be higher still. We’re gratified by the community trust placed in Tether and inspired by how it is powering incredible innovation in crypto.”
The importance of USDt is growing as the stablecoin performs an increasingly vital function within the digital asset ecosystem. USDt plays a pivotal role in the trading of digital assets resulting in many digital asset spot exchanges now denominating trading pairs in Tether rather than Bitcoin. Furthermore, crypto’s reserve currency is also being increasingly used in remittances and innovative projects in the digital asset space, including decentralised finance (DeFi).
USDt’s total market capitalization has mushroomed from about US$2 billion in February 2019 to reach about US$16 billion. Tether works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
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 fast and low-cost way to transact with money.
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