ROAD TOWN, British Virgin Islands, August 26, 2020 — Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has eclipsed bitcoin and PayPal for an average daily transfer value. The surge in demand for Tether (USDt) is indicative of its pivotal role in the digital asset space and demonstrative of pent up demand for a technologically innovative alternative to archaic payment systems.
A report by CoinMetrics has revealed that USDt’s 7-day average adjusted transfer value reached over US$3.55 billion as of August 20. This is about 20% more than that for bitcoin which was US$2.94 billion, according to the research.
The surge in USDt’s usage in 2020 has seen the biggest, most liquid and trusted stablecoin take more and more of the market share of on-chain transfers. The uptake in USDt usage has also been driven in part by the nascent Decentralized finance (DeFi) space, which has spawned an array of financial products that transact independently of any centralized third party. USDt is increasingly being used in popular DeFi applications such as Uniswap and Curve.
“Amid these uncertain and challenging times, the utility, security and viability of digital currencies have come to the forefront,” said Paolo Ardoino, CTO at Tether. “People are looking for alternatives to antiquated banking and payment systems. As the biggest, most liquid and technologically innovative stablecoin, Tether is a prime example of how global markets can operate more efficiently by leveraging blockchain technology, and represents a payments rail that’s actually built for the future of business and innovation.”
The market capitalization of USDt has mushroomed more than six-fold from about US$2 billion in February 2019 to reach US$13 billion. Tether also works with Ethereum, EOS, Liquid Network, Omni, OMG Network 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.
Media Contact for Tether:
Senior Public Relations Manager