Opinions on Tether and its USDT stablecoin are all over the place among cryptocurrency enthusiasts. Not everyone “trusts” this project, yet one cannot refute this ongoing success. As USDT now approaches a $60 billion market cap, some interesting statistics are to be noted.
Substantial USDT Growth in 2020 And 2021
Similar to the growth of Bitcoin and other cryptocurrencies, Tether’s USDT notes a significant increase in market cap. That growth is mainly due to a spike in popularity during late 2020 and early 2021. Considering how the market cap was just $15 billion in late September 2020, demand for this stablecoin is rising. It is an excellent way to trade all the major currencies on the market.
As Tether’s pegged currency’s market cap growth seems to increase more quickly lately, one has to wonder what will happen in the second half of 2021. Reaching a $100 billion market cap may not be as outlandish as assumed initially. Having more USDT liquidity in circulation can prove beneficial to overall crypto trading, even though it can have the opposite effect.
Support On Eight Blockchains
Even though Tether initially issued its USDT stablecoin on the OMNI blockchain, that network is merely an afterthought. The asset still circulates on that chain, but its liabilities represent merely $1.335 billion. A low number compared to the ERC-20 USDT liabilities of $27.916 billion. Even some of the more ‘recent’ blockchains to welcome Tether’s asset note solid growth, including EOS, Liquid, Algorand, SLP (for Bitcoin Cash), and Solana.
TRON Is The “Main” USDT Chain
Contrary to what some people expected initially, TRON is the primary blockchain for USDT liquidity today. It has the highest amount of liabilities – $31.99 billion – and shows no signs of slowing down. It is also a cheap and efficient blockchain to use, more so than Ethereum.
Maintaining this market lead should not be too tricky for TRON unless something drastically changes overnight. Things look very interesting with well over 50% of Tether’s stablecoin supply on the TRON blockchain.
Other Tether Products Are Less Popular
Even though most people know Tether for its USDT asset, the company provides other digital assets. The EURT stablecoin currently has over 40 million euros in circulation, which is not bad. Most of that supply resides on the Ethereum blockchain, as OMNI is of less appeal. CNHT is also active on Ethereum, but seems a bit less popular than EURT.
Last but not least, there’s Tether’s tokenized version of gold or XAUT. With 79,648 XAUT in circulation, there appears to be a demand for exposure to tokenized ounces of bullion. An intriguing asset worth keeping tabs on, and one that solely exists on the Ethereum blockchain at this time.
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