Another splendid milestone reached by the most popular stablecoin, the U.S. Dollar Tether (USDT). What is behind its growth?
The United States Dollar Tether (USDT or USDt) is the most liquid and popular stablecoin in the cryptocurrencies segment. Today, Nov. 6, its capitalization reached another impressive milestone.
Tether surges hand in hand with DeFi run
In accordance with a press release shared with U.Today, Tether has increased capitalization of its flagship USDT asset to $17,000,000,000. This number is unattainable for its challengers across the entire stablecoin sphere.
The team tasked with the development and maintenance of Tether solutions is sure that this success should be attributed to the unparalleled usability of USDT. Being U.S. Dollar-pegged, it is widely used in remittances and as a reserve currency for traders.
Meanwhile, Ethereum-, EOS- and Tron-based versions of USDT can be integrated into red hot decentralized financial protocols run on the corresponding platforms.
That said, Tether (USDT) becomes an “all-on-one” reserve currency for numerous traders, “yield farmers” and DeFi enthusiasts around the globe.
Giant of all platforms
Paolo Ardoino, chief technology officer at Bitfinex and Tether, claims that Tether owes this result to an unmatched level of recognition in the blockchain and crypto segment:
We now speak of the Tetherization 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.
Tether (USDT) is issued on multiple protocols to ensure a seamless trading experience for the holders of the maximum range of coins.
At press time, Tether (USDT) is available on Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network (Bitcoin side-chain by Blockstream), Omni (Bitcoin-based solution) and Tron.
Besides that, USDT utilized Layer 2 solutions for Ethereum scalability, such as Plasma by OMG Network.