Tether Adds Over $2 Bln in Market Cap: USDC Has as Much as 2nd Largest Stablecoin in Total

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Wed, 11/11/2020 - 09:26
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Yuri Molchan
Paolo Ardoino has tweeted that, since September 15, USDT has added $2.4 bln more in market cap; that's the total of USDC's cap, the 2nd largest stablecoin
Tether Adds Over $2 Bln in Market Cap: USDC Has as Much as 2nd Largest Stablecoin in Total
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Paolo Ardoinothe CTO of Bitfinex and Tetherthe emitter of the most widely used USDT stablecoinhas taken to Twitter to draw public attention to the fact that it took USDT just two months to add to its market cap value what USDC has: $2.4 bln.

Meanwhile, USDC is the second largest stablecoin on the crypto market.

Since 15 Sep 2020, in just 2 months, @Tether_to added as much market cap as the entire #2 largest stablecoin.

Tether market cap comes close to $17.5 bln

The most liquid stablecoin, Tether, now boasts $17,475,637,330 in market capitalization, with $2.4 bln added since Sept. 15just two months.

In the meantime, that is the total market cap of the second most liquid stablecoin, also backed by the USD as Tether: USD Coin (USDC). At press time, this coin is the holder of the twelfth spot on CoinMarketCap.

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Tether's usage is growing along with DeFi boost

Tether's stablecoin is the most liquid one and is often used for remittances. It is traders' favorite reserve currency.

Tether also emits USDT on other blockchains, such as Ethereum, EOSIO, Tron and Omni. Those versions of USDT easily find their way into numerous DeFi financial protocols.

Earlier, Paolo Ardoino opined that Tether owes its popularity to an unmatched recognition level in the crypto and blockchain segment.

The most popular platform for USDT issuance, according to the Tether transparency page, remains Ethereumwith more than 11 bln USDT minted on the ETH chain.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.