Tether Operations Limited (Tether), the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has today announced that Tether tokens (USDt) have climbed above a market capitalization of US$40 billion, amid a surge in institutional and corporate demand.
As the most stable, liquid and innovative stablecoin, USDt is cementing its pivotal role within the digital token ecosystem. The ‘Tetherization’ of trading continues at a pace with many digital token spot exchanges denominating pairs in USDt rather than bitcoin (BTC). Meanwhile, USDt is increasingly being used in remittances and innovative projects in the digital token ecosystem, including those in the nascent space of decentralised finance (DeFi).
“Crossing US$40 billion represents an important milestone for Tether,” said Paolo Ardoino, CTO at Tether. “Our growth reflects the pivotal role Tether plays in the overall digital token ecosystem. People like using Tether. Whether you are a trader, developer or part of the growing numbers using Tether for payments and remittances, there are myriad benefits to using the most liquid, stable and trusted stablecoin.”
Institutional and corporate demand form the lion share of demand for USDt, with US$19 billion added since January 1, 2021, a gain that is greater than the combined market capitalization of all rival stablecoins combined.
In addition, USDt’s presence in the e-commerce and payments space is growing. USDt represents a superior medium of exchange in many use cases, and can offer lower transaction fees than wire transfers of fiat currency. USDt is supported by numerous e-commerce platforms and payment gateways, and already provides faster payment as compared to credit cards and traditional payment systems.
USDt works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron and Solana. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
