Stablecoin giant Tether is by far the largest dollar-pegged asset in the crypto economy, with a market capitalization equivalent to nearly $ 70 billion.
90 days ago the number of cryptocurrencies in circulation was around 63 billion tokens and the supply has increased by 10 percent since then.
Tether (USDT) is a stablecoin or cryptocurrency. A stablecoin is a cryptocurrency designed to minimize the volatility of its price, relative to a “stable” asset or basket of assets. A stablecoin can be linked to a cryptocurrency, to Fiat money such as the dollar, euro, or peso, or to commodity trading. Most stablecoins are tied to the price of the US dollar.
Currently Tether is in first place of stable crypto, in the number 5 position in size of the largest cryptocurrencies in the world, only being above the cryptocurrencies Bitcoin, Ethereum, Caradano and Binance Coin, in that order.
The token is issued on various blockchains, and as of late the coin has been issued on the Solana network. The transparency page notes that there are relationships in Ethereum, EOS, Algorand, Liquid, Tron, Omni Layer, Bitcoin Cash, and Solana. Tether will also reportedly reside on the Avalanche (AVAX) network. Almost all networks on which USDT has been issued are in the top 100 of the largest cryptocurrencies.
There are 33.8 billion dollars are authorized on the Ethereum blockchain, while Solana has 1.1 billion authorized to date. 90 days ago, the volume in circulation was around 63 billion and today there are more than 69.3 million ties circulating throughout the crypto economy.
A key fact of this cryptocurrency is that according to Coingecko stablecoin data by market capitalization statistics, USDT exists in 392 exchanges around the world, and 58.29 percent of operations between cryptocurrencies are carried out with Tether. This means that more than half of the cryptocurrencies traded worldwide are made relative to USDT.
48.5 percent of Ethereum (ETH) transactions are traded with Tether and the stablecoin captures 62.03 percent of cardano’s (ADA) trade share. The websites that collect the information show that of the 160 billion dollars in global crypto operations last Friday, tether has 80.5 billion of that volume.
Other stablecoins that have seen notable increases in issuance include terrausd (UST), trueusd (TUSD), neutrino usd (USDN), and frax (FRAX). However, no cryptocurrency has risen in circulation as much as Tether has, as the USDT market capitalization on Friday, March 27, 2020 was just over $ 4.2 billion, and 532 days later it rose. 1549 percent.
What’s more, the cryptocurrency has become the third largest, surpassing ADA and Binance Coin a few months ago. This is because after the correction of Bitcoin from April, it dragged all the other cryptocurrencies with it. So many investors decided to turn to the safest options, including USDT, which produced a lack of demand and excess supply in the most volatile cryptocurrencies. Prices fell suddenly, causing overall market caps to drop, but Tether remained strong thanks to its price being almost unchanged.