British Virgin Islands, July 22, 2020 – Tether.to, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has risen above US$10 billion in market capitalization 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 success today will in the future be looked upon as a forbearer for crypto’s emergence as a major asset class,” said Paolo Ardoino, CTO at Tether. “The market has spoken. People trust tether and like using crypto’s preeminent stablecoin. We’re proud that tether has breached the US$10 billion mark with USDt manifestly so well supported within the digital asset ecosystem.”
USDt’s total market capitalization has mushroomed five-fold from about US$2 billion in February 2019 to reach US$10 billion. Tether works across a diversity of different blockchains, including Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron and Algorand blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a secure, fast and low-cost way to transact with money.