Despite crypto markets seeing the addition of numerous stablecoins, Tether (USDT) continues to maintain its superiority.
Tether still ruling stablecoins despite various hurdles
Tether still accounts for over 97 percent of the total market share of stablecoins. The stablecoin has seen its share of controversies, and the markets are being flushed with various new stablecoins. Yet surprisingly people still choose Tether.
As new projects began appearing, some projects were launched as fully fiat-backed coins. These coins were highly stable, unlike Tether, the price of which fell to 0.85 dollars in late 2018. However, they soon found out that such coins had a diminishing supply and were only being used as fiat off-ramps.
USDT has not only maintained itself, but it has flourished across recent years. The coin has more than doubled its supply from 2 billion tokens. It has also launched Omni-layered coins that operated on other networks such as the Ethereum blockchain making trades faster and cheaper. The idea snowballed, and Tether made its way to even more exchange in the form of ERC-20 tokens.
USDT, unlike other stablecoins, is not restricted in a few markets, but it has spread across numerous markets and even made its way to other blockchains. The stablecoin has also been deployed on the Tron network. According to one Twitter user, around 19 percent of all tokens are now on the Tron networking. The sum of tokens is worth nearly 900 million US dollars.
Tether is the most adopted stablecoin with many institutions and exchanges adopting it for internal use. USDT operates across all markets, and unlike other assets, its minting is not followed by immediate price pumps. However, its activity still moves along Bitcoin’s market moves.
Featured image by Marco Verch.