According to Tether’s transparency page, the total market capitalization of USDT has reached $51 billion, an important milestone for the most popular stablecoin in the crypto market. It has been the most valuable stablecoin by marketcap for quite sometime.
The stablecoin’s market cap has been growing at a rate of $10 billion over the past months, which could suggest a market cap of $100 billion by the end of the year if the trend continues.
Tether’s Chief Technology Officer, Paolo Ardoino, referred to the event by referring that it was an, “incredibly important milestone as Tether’s success is a blueprint for a Central Bank Digital Currency (CBDC) and a banking system of the future.”
The continued growth of the stablecoin comes at a time when the whole cryptocurrency ecosystem has shown continued growth among a new influx of institutional and private investors.
These investors are looking to take advantage of the growing legitimacy of the industry, which has been boosted by notable milestones such as the listing of Coinbase in NASDAQ.
Tether has announced it will be launching “Tether week”, an event that will celebrate the milestone by discussing the coin’s history and plans for the future
Tron’s USDT Circulation Surpasses Ethereum’s
Another important milestone has been reached by Tether in recent days as the Tron supply has finally surpassed Ethereum, which was the network that originally had the sole supply of the stablecoin.
With the congestion and high gas prices experienced by Ethereum ever since the DeFi boom of 2020, Tron became an increasingly popular alternative for users of USDT who sought a cheaper and faster alternative, as Tron offered considerably lower fees for transactions on its network when compared to Ethereum.
At the time of writing, a total of $25,9 billion USDT are circulating in the Tron Network while $24.4 are circulating on Ethereum. Other networks with a circulation of USDT include Algorand, Omni, EOS, Liquid, SLP, and…