BREAKING: Tether Crosses $10 Billion Market Cap

Coingecko another cryptocurrency market tracker shows Tether market cap at $10,035,390,232

By · Jul 22, 2020 . 6min read

Tether, a foremost stablecoin just announced it has crossed the $10 billion market cap doubling its capitalization from $5 billion in 4 months from March.

A quick check on Coinmarketcap, a global cryptocurrency directory shows Tether’s USDT at 3rd position directly below Ethereum and Bitcoin. However, the website still displays Tether’s market cap at $9,194,508,720 yet to reflect the $10 billion mark,Tether claims.

Source: Coinmarketcap

On the other hand, Coingecko another cryptocurrency market tracker shows Tether’s market cap at $10,035,390,232.

Source: Coingecko.com

Therefore, this makes Tether the first and only stablecoin to hit this new milestone. Stablecoins continue to see an increase in growth and usage in 2020. Earlier in this report, we reported that value transferred using stablecoins surpass amount transferred using BTC in June. This is the first time the global cryptocurrency industry will be experiencing such.

DeFi boom contributing to Tether’s growth

DeFi’s recent boom also contributes to Tether’s growth. Paolo Adriono, Tether and Bitfinex’s CTO had earlier touted Tether’s important role to DeFi‘s continued growth.

USDT is playing an important role in boosting liquidity across the DeFi space. USDT’s growing popularity is making it fast become the stablecoin of choice across DeFi platforms. As use of USDT grows for myriad purposes the world’s most trusted, stable and liquid stablecoin consolidates its central position in the digital asset ecosystem. Tether is the reserve currency of crypto and DeFi

Paolo Adriono, Tether CTO speaking to Coindesk

Tether, the stablecoin across 6 blockchains

Tether is also the only stablecoin available across 6 blockchains. The stablecoin is presently minted on Omni and Liquid which are both sidechains on the Bitcoin blockchain. It also minted across Ethereum where it holds the largest market capitalization among other ERC20 tokens. Without doubt, Tether is the most held Ethereum token with 1,552,832 unique addresses holding USDT.

Source: Etherscan

The other blockchains where Tether is available includes EOS, TRON and Algorand.

With Tether crossing the $10 billion market cap, it is gradually living up to expectation as a medium of exchange. Perhaps it could help the cryptocurrency industry achieve its mainstream adoption goal.

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