Market capitalization of Tether (USDT) has surpassed $10 billion enhancing stablecoin’s position as the third largest crypto according to capitalization
The most popular stablecoin is gaining momentum
USDT was launched in 2014 as a stablecoin. The asset is backed by the US dollar in approximately 1:1 ratio.
Thus, the stablecoin’s value never exceeded $1.
But after a careless start Tether usage increased as traders realized the need for some stable store of value among highly volatile crypto assets that can collapse at any moment.
Last year Tether showed significant results surpassing Bitcoin Cash (BCH) and XRP Ripple, becoming the third largest crypto according to market capitalization.
Today the company has announced that Tether capitalization has exceeded $10 billion.
Despite all the contradictions, the stablecoin has reached good results, said the company’s technical director Paolo Ardoino.
Ardoino has underlined that Tether is likely to be “most frequently used product in the whole ecosystem of cryptos”. He defined it as a transparent and sustainable asset.