Tether hits $10 billion market capitalization level as growth in 2020 enhanced as we are reading more in the upcoming Tether news.
Tether hits $10 billion market cap and the announcement was announced by the company after seeing through the market price aggregator CoinGecko. USDT’s issuance has seen some increased growth this year doubling from the $5 billion in just a few months since March 2020. As per the previous reports, a relevant portion of this growth came from the existing fiat on exchanges that are transformed into USDT.
The Bitfinex and Tether CTO Paolo Ardoiono recapped some of the achievements during the price growth. Tether transfers the account for a majority of transactions and value on most of the chain where it is available. Tether is also one of the largest gas consumers on Ethereum with more than $6 billion USDT existing as an ERC-20 token. The next biggest host of Tether is TRON with more than $2.8 billion USDT which is the 2.5 times the market capitalization of TRX. Omni comes third with more than $1.3 billion while other protocols such as EOS, Algorand, and Liquid seem to be less popular with the biggest presence being on Liquid at $17 million.
Ardoino explained that Tether invests in startups and scaling solutions that share the values and vision but it is also funding RGB that is a protocol to bring tokenized assets to the LN. USDT is leading the non-governmental stablecoin because most of the crypto competitors continue to fall behind under most metrics. The potential threat to dominance could come from the central bank digital currencies that will likely be issued by government-backed institutions and will replace the existing fiat system.
As previously reported, the company sees central bank digital currencies and Tether as coexisting citing Tether’s multi-platform nature. Some of the other experts agree to note that two types of stablecoins have different purposes. Some analysts believed that the extreme level of government surveillance expected on central bank digital currencies sees crypto native alternatives as a way of evading non-supporters. It is worth noting that Tether that is a centrally-issued stablecoin, has a freezing feature that can be activated upon by law enforcement requests.
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