- Users have now transferred a total of 300 billion USDT tokens on the Ethereum blockchain.
- Tether (USDT) is the largest stablecoin by market cap.
Tether (USDT) is a popular stablecoin pegged to the U.S. dollar. As a dollar-pegged stablecoin, one USDT token is theoretically worth $1. Tether’s USDT operates of several different blockchains, including Ethereum as an ERC-20 token.
According to Glassnode, a crypto analytics platform, USDT cumulative volume on the Ethereum blockchain is surging as the total USDT tokens transferred on the Ethereum blockchain crosses 300 billion.
Glassnode also notes that volume has soared in 2020. This year alone, the cumulative volume grew by 170 billion USDT tokens. The rapid growth in stablecoin usage may be a sign of institutional interest growing in the space. Stablecoins may act as an on/off ramps for fiat and cryptocurrency.
Tether Overtakes Ripple by Market Cap
Tether is the largest stablecoin by market cap. According to CoinMarketCap, Tether’s market cap is just over $9.2 billion. Tether has also recently unseated Ripple (XRP) as top three cryptocurrency by market cap. According to CoinMarketCap, Ripple’s (XRP) current market cap is $8.5 billion.
Furthermore, a recent Bloomberg crypto report noted that it is likely that Tether will overtake Ethereum as the number two cryptocurrency by market cap. While Tether is still miles away from Ethereum’s $25 billion market cap, stablecoin usage will likely continue to grow as interest in cryptocurrency rises.
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