The market capitalization for Tether (USDt), the industry’s most widely used stablecoin has now hit a new all-time high of $15 billion. The latest milestone follows a period of stellar adoption for the stablecoin, with $3 billion of that value coming just in the last month, according to the company.
Tether has just surpassed a $15 billion market capitalization! ?
In only one month, Tether’s market cap has increased by more than $3 billion, maintaining its number one spot as the most liquid, stable and trusted currency! pic.twitter.com/MLOWkiIDvF
— Tether (@Tether_to) September 17, 2020
Despite the long-known controversy involving the assets backing USDt, adoption and usage statistics for the stablecoin has continued to grow from strength to strength. In August, Coinfomania reported that Tether’s average daily transfer value in USD terms surpassed that of leading cryptocurrency, Bitcoin, and payment giant, PayPal.
With a market cap now north of $15 billion, the circulating supply of Tether has also massively increased by over 250% since the beginning of 2020. According to CoinMarketCap, the stablecoin only had a $4.1 billion market cap at the start of the year.
Although retail usage has largely contributed to Tether’s outrageous adoption figures, it is worth noting that a significant portion of USDt is being used on Ethereum-based decentralized finance (DeFi) applications that have stolen the limelight in the crypto industry since the turn of the year.
Earlier this week, we reported that in response to user demands, Tether moved $1 billion worth of USDt from Tron to Ethereum. The stablecoin issuer also enhanced its reputation after it helped a group of Chinese traders to recover $1 million worth of USDt that they had mistakenly transferred to a DeFi smart contract address.
At the time of writing, Tether (USDt) had a market cap of $15.05 billion and remains the third-largest cryptocurrency by market cap, ahead of XRP which has $4 billion less value.
