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.
It is to be noted that Tether is presently working with several blockchain projects including Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. At the time of reporting Tether is the 4th largest cryptocurrency by market cap with a market capitalization of over 6 Billion USD.
What are your thoughts about the largest stablecoin by market cap? What do you think about the increasing inflow of money into Tether (USDT)? Do you think the increasing inflows in Tether can lead to a plunge in the price of Bitcoin (BTC)? Let us know in the comments below!