As a seasoned researcher who has been observing the crypto market for several years now, I find the rapid growth of Tether’s USDT stablecoin to be nothing short of astonishing. With a market cap surpassing $115 billion and dominating over 70% of the stablecoin market for nearly a year, it’s clear that USDT has become a mainstream player in the crypto world.
The market capitalization of Tether‘s stablecoin USDT has surpassed $115 billion.
As per a post by CEO Paolo Ardoino on platform X, Tether’s stablecoin, USDT, has marked a notable milestone, exceeding $115 billion in total market capitalization. This impressive feat highlights USDT’s commanding position within the stablecoin market, which it has held for almost a year, accounting for more than 70% of the overall market share.
Recent data indicates that USDT’s market cap grew by over $1 billion in the past week, coinciding with a rebound in Bitcoin’s (BTC) current price of $60,200.
As a crypto investor, I find it noteworthy when Tether surpasses a market capitalization of $115 billion. This milestone underscores the widespread adoption and acceptance of USDT in the crypto sphere. A market cap of this magnitude indicates that a substantial number of people trust and rely on Tether’s stablecoin for its stability, contrasting with more volatile digital assets like Bitcoin.
As a crypto investor, I’ve noticed the impressive growth of USDT, now boasting a market cap of $115 billion. This surge suggests that USDT is becoming the preferred digital dollar for various transactions and applications beyond mere cryptocurrency trading. In fact, it seems we’re witnessing a transformation in how digital assets are employed. More and more, USDT is serving as an alternative to traditional savings and checking accounts, particularly in emerging markets where currency devaluation is a significant issue.
Over the past year, Tether has witnessed remarkable expansion, boosting its market capitalization by more than 40% from September 2023, as illustrated in the chart below.
This stability makes USDT a popular choice for trading and holding value in the crypto market. The growth also highlights the increasing role of stablecoins in the broader financial system, as they provide a reliable bridge between traditional money and digital currencies.
As a blockchain analyst, I recently observed a significant movement of approximately $1.3 billion in Tether (USDT) being transferred to popular exchanges like Kraken, OKX, and Coinbase, coinciding with a broader surge in the cryptocurrency market.
Approximately 90% or more of Tether’s USD tokens (USDT) are currently being utilized on the Tron (TRX) and Ethereum (ETH) blockchain platforms, as detailed in Tether’s transparency report.
Tether’s growth comes with some scrutiny
Tether’s use by sanctioned parties and for illegal activities has raised concerns, as well as allegations that its supply might become vulnerable should the demand for cryptocurrencies decrease, according to conventional financial institutions.
To address worries about potential misuses, Tether is now working alongside Chainalysis in tracking the activity of USDT on additional marketplaces. This collaboration is intended to enhance clarity and safety by pinpointing wallets linked to illegal actions or blacklisted accounts.
Tether’s recent blockchain partnership
Recently, Tether has teamed up for initiatives aimed at enhancing blockchain knowledge at five universities in Ivory Coast, namely Université Félix Houphouët-Boigny and Institut National Polytechnique Félix Houphouët-Boigny, among others.
Via its Tether Edu division, Tether intends to bolster educational initiatives centered around blockchain, cryptocurrency, and smart contracts. These programs are designed to impart hands-on skills to students in areas such as healthcare, finance, digital identity verification, and supply chain management, enabling them to excel in these sectors.
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2024-08-09 22:28