Tether capitalization exceeded $ 15 billion …
Tether capitalization exceeded $ 15 billion, having increased 4 times since the beginning of the year
The capitalization of the USDT stablecoin has exceeded $ 15 billion, the issuing company Tether draws attention to this..
This year, favorable conditions have emerged for the rapid growth of stablecoin. In January, the volume of USDT in circulation stood at just over 4 billion units. Markets collapse in March forced investors to turn to more stable assets; USDT is also widely used in the booming decentralized finance (DeFi) sector. Thanks to this, in the last month alone, USDT capitalization increased by $ 3 billion..
Analyst John Paul Koning previously noted that Tether’s average daily transaction volume is $ 3.55 billion, while PayPal had $ 2.94 billion in the second quarter. Thanks to the continuing rise, Tether is increasingly consolidating its third line in the list of the largest cryptoassets, moving away from XRP, whose capitalization is currently at $ 11.5 billion.
“2020, the year of Tether. The road to 20 billion and beyond, ”wrote Tether CTO Paolo Ardoino, adding that due to the rapid growth in emissions, from now on he will only report on new USDT records in multiples of five.
According to Flipsidecrypto, the bulk of USDT transactions continues to take place on centralized exchanges. Binance and Bitfinex remain the largest stablecoin holders, each of which has 1 billion tokens in their wallets..
According to Tether’s “transparency page”, the volume of USDT on the Ethereum blockchain has exceeded 10 billion units. It is followed by Tron and Omni, which was originally used by Tether, with 4.2 billion and 1.3 billion, respectively. Over the past month, Tether has implemented two USDT 1bn swaps to move tokens from the Tron blockchain to Ethereum to meet current user needs..
Meanwhile, the proceedings of Tether and its sister exchange Bitfinex with the New York prosecutor’s office continue. On Thursday, representatives of both sides met by videoconference. As a result, the court ruled that the companies must hand over the documents requested from them. In July, the court gave them 60 days to do this, but they did not obey the request within the specified time frame. In the latest decision, the court did not set a new date, but extended the ban on the transfer of funds to Bitfinex from Tether reserves.
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