The total market capitalization of Tether USDT stablecoin has recently crossed the mark of $50 billion. The recent development means that there are now over $50 billion USDT in circulation, each coin is pegged to track one United States dollar.
Paolo Ardoino, the CTO of Tether has recently released a statement saying that this is an incredibly necessary milestone and adding to the statement, revealed:
In accordance with the data released by The Block Research, the issuance or the supply on the Tron blockchain has managed to cross that of the second-largest cryptocurrency, Ethereum.
In addition to this, it should be noticed that the circulation on Tron is currently standing at $26 billion, while the circulation on Ethereum, is at $24.4 billion.
Paolo Ardoino told the Block addressing the lower transaction fees and faster confirmations times that:
Most of the supply of Tether USDT based on Tron is on Huobi, OKEx, and Binance, which clearly means that these exchanges prefer to trade in USDT.
USDT is comparatively cheaper than fiat wire transfers and is faster compared to credit cards and traditional financial systems.
The company has also said in an official statement that the top use cases of USDT besides trading involves remittances, payments, and usage in DeFi.
In accordance with research data published, with around 66% of the total share in the market, Tether remains the largest stablecoin in the market.
Following the lead of the largest stablecoin, USDC and BUSD stands at the second and third position with about 17% and 9% share in the market respectively.