After doubling from $ 18 billion at the beginning of the year to $ 36 billion in March, Tether’s market capitalization (USDT) has already reached another milestone, exceeding $ 50 billion.
This is also representative of the overall growth of stable coins. In the last 30 days alone, the value of stablecoins, including tether, has increased nearly 30% from $ 61 billion to $ 78 billion.
Tether growth on TRON
In another sign of Tether’s growth, it has now outperformed Ethereum in terms of offering on the TRON blockchain. The USDT payout for TRON is $ 26 billion and for Ethereum is $ 24.4 billion.
TRC20 USDT vs ERC20 USDT | DAppTotal
The entire stable coin market exploded this year. DAppTotal reports a stable market cap totaling $ 78.5 billion. Tether controls the lion’s share of this market with just under 66%, followed by USD Coin (USDC) with USD 13.6 billion (17.4%) and Binance’s BUSD with USD 7.1 billion (9.05%).
Stablecoin market capitalization | DAppTotal
“A wonderful year so far”
According to Paolo Ardoino, CTO of Tether, this is “an incredibly important milestone. He added, “The success of Tether is a blueprint for a central bank digital currency (CBDC) and banking system of the future.”
The $ 50 billion milestone is one of several Tether has hit this year, according to a tweet from Ardoino.
“2021 has been a wonderful year so far!” The tweet says. Ardoino continues to point to Tether’s comparison with the New York attorney general.
The settlement followed an investigation by the OAG which found that iFinex, the operator of Bitfinex, and Tether made false claims about the support of the Tether stablecoin and the movement of hundreds of millions of dollars between the two companies. According to the OAG, on November 2, 2018, Tether transferred hundreds of millions of dollars from Tether’s bank accounts to Bitfinex.
Because of these issues, Ardoino also highlighted certificates the company received from external auditors. Third-party audits of the Tether offering have been a major point of contention for some time, as market manipulation and fraud are accused.
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