Paolo Ardoino, the CTO of Bitfinex and Tether—the emitter of the most widely used USDT stablecoin—has 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. 15—just 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.
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 Ethereum—with more than 11 bln USDT minted on the ETH chain.
Godfrey Benjamin
Tomiwabold Olajide
Denys Serhiichuk