During the last two years since the initial bear market after the 2017 bull run, stablecoins have been extremely popular. Today, statistics show that the market capitalization of all the notable stablecoins today is hovering above the $23.9 billion mark. Out of more than 30 stablecoins in 2020, tether is still a behemoth capturing 76.15% of the entire market share. Since January 2016, the stablecoin tether’s market valuation has grown a whopping 1.9 million percent from $951k to $18.5 billion.
Tether’s Market Cap Jumps from a Million to Over $18 Billion in a Four-Year Time Span
The stablecoin tether (USDT) is by far the most used dollar-pegged token in existence today and the project has grown massively since its inception. At the time of publication, the token USDT was issued 2,236 days ago on October 6, 2014, on the Bitcoin blockchain by leveraging the Omni Layer Protocol.
These days, however, tether is issued on a myriad of blockchains as the stablecoin was first issued on Ethereum using the ERC20 standard. After Ethereum, tether has been minted on Tron, Bitcoin Cash, EOS, Liquid, and Algorand. It has also been announced that USDT will also launch on the Solana Layer 1 blockchain as well.
Tether has been controversial for a number of reasons, but nobody can deny how prominent the stablecoin has been during the last few years. USDT was barely a blip on the radar for the first two years and in 2016, the stablecoin became more noticeable capturing the 30th position in terms of market cap.
Statistics show that Binance and Huobi Global are the top two exchanges swapping USDT today. The concentration of large tether (USDT) holders is 29% on November 21, 2020, while USDT’s price correlation with BTC is -0.37. During the last seven days, recorded USDT transactions above the $100k region show $16.1 billion has…