Tether (USDT) stablecoin’s market capitalization has passed the $ 50 billion mark.
The development means that there are now more than 50 billion USDT in circulation, each pegged to one US dollar.
This is an “incredibly important milestone,” said Tether’s CTO Paolo Ardoino. “Tether’s success is a blueprint for a central bank digital currency (CBDC) and banking system of the future,” he added.
In another interesting development, Tether’s issuance or delivery to the Tron blockchain has outperformed Ethereum’s, according to The Block Research. The payout on Tron is $ 26 billion and on Ethereum $ 24.4 billion.
“Tether on Tron is currently preferred because of lower transaction fees and faster confirmation times,” Ardoino told The Block.
According to The Block Research, most of the Tron-based tether offering is supplied by Binance, Huobi, and OKEx. That means that users of these exchanges prefer trading USDT.
According to Tether, USDT is cheaper compared to fiat transfers and faster compared to credit cards and traditional payment systems. In addition to trading, payments, remittances, and its use in decentralized finance (DeFi) are among the top use cases of USDT, the company said.
According to The Block Research, Tether remains the largest stable coin on the market with a market share of around 66%. Next up are USDC and BUSD stablecoins with a share of around 17% and 9% respectively.