There is no denying that Tether’s USDT is a prominent asset. Of the many stablecoins on the market, it is by far the most commonly used. This has resulted in its cumulative transaction volume surpassing a crucial milestone.
The USDT Success Story Continues
Whether one enjoys or dislikes Tether’s USDT, the success of this pegged currency is undisputable. It has, by far, the highest market cap of all stablecoins, and notes a trading volume that often surpasses Bitcoin’s. Tether’s pegged currency is also tied to virtually all important cryptocurrency markets across dozens of trading platforms.
Even today, Tether’s USDT has a market cap of nearly $15 billion. The only other stablecoin to come even close is USDC, with a market cap of $1.958 billion. Both of these currencies play a prominent role in the decentralized finance segment. That is, in part, why both of these currencies have become so successful in recent months.
What is even more interesting is the cumulative transaction volume for USDT. According to Glassnode, it has surpassed the $500 billion mark, which is incredibly impressive. At the same time, it was a matter of time until such a threshold would be reached.
Contributing to the success are the growing number of blockchains supporting Tether’s asset. Initially issued on OMNI, the stablecoin can now be found on Ethereum, Tron, Solana, EOS, Liquid, Algorand, and SLP. All of these individual chains contribute to the ongoing growth of this ecosystem. Ethereum is by far the biggest blockchain in terms of liquidity, although Tron is catching up slowly.
What Comes Next for Tether?
Even though its USD-pegged asset is by far the most popular, Tether also issues a few other types of assets. There is a Euro-based counterpart to USDT, although it has far less demand and volume. It too is issued on different blockchains, but only succeeds in gaining traction on Omni and Ethereum as of right now.
There is also the CNH asset, which isn’t gaining much traction either. The only blockchain supporting it right now is Ethereum. That currency may prove interesting to keep an eye on in the future, though. Tapping into different markets is crucial for Tether to remain ahead of competitors.
Last but not least, there is Tehrer Gold, or XAUT. It is the most recently added asset, and one that brings gold to the cryptocurrency world. XAUT Is issued on the Ethereum blockchain, but its overall supply is relatively small. It is an interesting way to bridge the gap between cryptocurrency and precious metals, however. Ongoing macroeconomic issues may drive more demand for this particular asset.