• Tue. May 28th, 2024

Crypto Buzz: Tether’s Market Cap Continues to Surge While Coinbase Pro Enlists USDT Stablecoin

Apr 25, 2021

Tether celebrates its achievement of having surpassed market capital above US$ 50 Billion because its rally continues to boost to date since 2020. Meanwhile, Coinbase Pro has finally decided to integrate USDT stablecoin for the very first time.

In the past six months, it has been noted by Tether Operations Limited that its market capitalization has grown exponentially. Due to this immense growth, the overall market capitalization of Tether has gone past US$ 50 Billion making it one of the top crypto assets of the world. However as compared to Bitcoin, Ethereum, Litecoin, BCH, and Ripple, still Tether has much ground left to cover in terms of market capitalization.

Tether is in fact a blockchain company that is being accredited for issuing the famous stablecoin known as USDT. It is said that though stablecoin is a proponent of the crypto industry yet it is quite a unique product at the same time. But one thing is certain that with regard to the stablecoin contest, Tether is well above the competition.

It was further indicated by Tether Operations Limited that in the past four years, its market capitalization has soared to a maximum of 2 Million percent. For instance, back in the days of 2018, Tether’s market capital was underneath US$ 18.5 Billion. But as of today, the market capital of Tether has gone above US$ 50 Billion while the asset’s value surge is still intact. In the past six months alone, USDT’s value has surged by more than 170% which makes it of the rapidly growing crypto assets of the world.

Tether Operations Limited has claimed that USDT’s rapid growth is because of two main factors. It explained that the factors are leveraging of USDT at spot exchanges and the use of USDT for the decentralized finance (DeFi).

It was further noticed by Messari.io that USDT’s daily average trade volume is above US$ 100 Billion and on several occasions gone above US$ 117 Billion. Considering the daily trade volume of Tether, it is overpowering the crypto assets such as Bitcoin and Ethereum as well.

Paolo Ardoino, Tether Operations Limited’s CTO, stated that crossing the 50 Billion market cap was a landmark achievement. He reminded the time when in 2014 Tether was invested and said that the inventors of Tether had never thought that it will be competing with major cryptocurrencies. Tether’s exponential growth and its success is because of allowing its users extra usage abilities.

But the achievement of a US$ 50 Billion market cap isn’t the only thing to Tether’s credit. The stablecoin has been the first time enlisted with the Coinbase Pro. It was indicated by Coinbase that Tether’s induction was an essential integration that will be used for inaugurating inbound transfers immediately. The trading on the basis of USDT at Coinbase will be sent live at 6:00 p.m. today, informed Coinbase.

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