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October 31, 2020
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USDT’s Market Cap grows $ 3 billion in just one month

The total market capitalization of Tether’s stablecoin USDT grew by $ 3 billion in a single month, helping the project secure its position as the world’s No. 3 cryptocurrency with $ 15 billion.

Tether celebrated on Twitter, pointing to its growth in the USDT’s Market Cap over the past 30 days and its position as the “most reliable, stable and liquid currency.” Stablecoin’s market capitalization probably came about given the demand related to the DeFi space, as investors use the USDT to make profits while avoiding volatility.

Several liquidity pools – including some accessible via centralized exchanges – are now using stablecoin, along with the USDC of Center Consortium and Maker’s DAI.

As reported, last month’s data from CoinMetrics showed that the weekly average value of USDT daily transfers it surpassed bitcoin and PayPal, as the transfer value of stablecoin was $ 3.5 billion, above the values ​​of BTC and PayPal which closed close to $ 3 billion each.

Absurd growth in 2020

The USDT has grown exponentially this year. While in January there were $ 4 billion of net value of stablecoin in circulation, there were $ 10 billion in July. Incidentally, Tether’s currency recently switched to XRP to become the third largest cryptocurrency by market capitalization.

THE transparency report from Tether points out that of the $ 15.2 billion in circulation, more than $ 10 billion is on the Ethereum blockchain. Stablecoin still has $ 4 billion on the TRON network and hundreds of millions spread across the Omni, EOS, Liquid, Algorand, SLP and OMG protocol.

While USDT is now circulating in numerous blockchains, Tether carried out a billionaire Bitfinex swap for Binance a few months ago, as Binance had a surplus of $ 1 billion in USDT TRC-20 tokens and needed to exchange them for 1 billion of USDT ERC-20 tokens.

Other token swap was announced, converting 1 billion USDT from the TRON blockchain to the Ethereum blockchain.

Source: Cryptoglobe

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