Tether.to, a blockchain-enabled platform that powers the largest stablecoin by market capitalisation, has risen above USD15 billion in market capitalisation as the most liquid and trusted stablecoin continues to enjoy rapid growth.
The importance of tether (USDt) is growing as the stablecoin performs an increasingly vital function within the digital asset ecosystem. While USDt continues to play a pivotal role in the trading of digital assets, crypto’s reserve currency is also being increasingly used in remittances and innovative projects in the digital asset space, including decentralised finance (DeFi).
“Tether’s growth is mind blowing and a great proxy representation of the growth of the crypto ecosystem as a whole,” says Paolo Ardoino, CTO at Tether. “While it took five years to reach USD5 billion it took just 54 days to climb from USD10 billion to USD15 billion. The market has spoken. People trust tether and like using crypto’s most liquid, stable and preeminent stablecoin.”
USDt’s total market capitalisation has mushroomed from about USD2 billion in February 2019 to reach USD15 billion. Tether works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron and Solana. Tether is driven to support and empower growing ventures and innovation in the blockchain space.