Tether.to, a blockchain-enabled platform that powers the largest stablecoin by market capitalisation, has risen above USD17 billion in market capitalisation.The importance of tether (USDt) tokens are growing as the stablecoin performs an increasingly vital function within the digital asset ecosystem. While USDt tokens continue 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 in 2020 has been nothing short of spectacular,” said Paolo Ardoino, CTO at Tether. “We now speak of the Tetherisation of trading, with the lion’s share of spot trading volume now denominated in tether. The market has spoken: tether is preeminent. People trust tether and like using crypto’s most liquid, stable and popular stablecoin.”
USDt’s total market capitalisation has mushroomed from about USD2 billion in February 2019 to reach about USD17 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.