Tether, a blockchain-enabled platform that powers the largest stablecoin by market capitalisation, is pre-eminent among Ethereum-based stablecoins, amid a recent surge in market volatility and the inflation of foreign currencies against the US Dollar, according to research from The Block.
The Block found that Tether (USDt) dominates weekly transaction volumes among Ethereum-based stablecoins, with its transaction volume market share roughly in line with its market capitalisation market share. USDt’s total market capitalisation has more than tripled from about USD2 billion in February 2019 to surpass USD7 billion.
“Tether is manifestly growing in popularity as the most liquid, stable and trusted stablecoin,” says Paolo Ardoino, CTO at Tether. “Like Ethereum itself, Tether plays a central role in the digital asset ecosystem. Tether’s increasing strength among rthereum-based stablecoins shows that the market has once again decided. In times of uncertainty and volatility, Tether represents a secure, stable and robust platform.”
USDt has a market share of 77.84 per cent among Ethereum-based stablecoins, according to research by The Block. USDt’s outstanding Ethereum-based supply has grown by 113 per cent year-to-date to from USD2.3 billion to USD4.9 billion. The aggregate Ethereum-based stablecoin market capitalisation has increased 95.38 per cent year-to-date to USD6.25 billion, research from The Block found.
Tether works with Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
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