Tether Adds Half a Billion in Three Months, USDC Prints $25 Million

Tether Adds Half a Billion in Three Months, USDC Prints $25 Million

Tether’s supply has increased by another circa half a billion since September, reaching now nearly $4.7 billion across three blockchains and 40 million tokenized euros plus $216,000 worth of Yuan tokens.

The ethereum blockchain now has most of the USDT tokens at $2.2 billion with $28 million awaiting distribution.

That’s followed by the bitcoin based Omni at $1.8 billion and, quite interestingly, it has already reached one billion on Tron.

Last time we looked in September just $100 million was on Tron, so most of the increase comes from there with eth back then at $2 billion, while Omni has fallen from $2.5 billion to now $1.8 billion.

That considerable fall in the usage of the bitcoin based blockchain is partly because much of it has been transferred to the cheaper eth or tron blockchain.

An additional circa $500 million however has been added, with total assets in September at $4.2 billion while now they stand at $4.7 billion.

Curiously Coinmarketcap tells a different story, with Tether’s market cap there appearing stable, but for some reason the chart only goes up to last month.

Meaning this half a billion may have been added in the past few days, with about $300 million of it awaiting distribution.

Some $200 million was sent to Binance just today, with Binance sending $200 million to the Tether treasury. So this could be just a chain swap, but that might itself indicate that fiat which wasn’t put to use might now be put to use.

These branching all over different chains and all these chain-swaps might lead to some obfuscation perhaps because a tether printing started becoming an indicator of sorts.

Now however they’re just one tokenized dollar among many, with the Coinbase and Circle managed USDC rising as a prominent alternative.

USDC’s market cap has now reached half a billion, up $100 million this year with it launching in November 2018.

Making the combined tokenized dollar market cap about $6 billion. Not far off from taking second place over Ripple’s $9.5 billion.

So creating a substantial extension of the crypto ecosystem with the dollar now a crypto itself, both in a centralized form like above and in a decentralized form with… well, there’s two of them now. There’s multi-collateral DAI and the old single collateral SAI.

You can’t have geeks without forks so we get two decentralized dollars with only SAI’s market cap stated at $55 million.

DAI is probably around the same, with it now accepting eth as collateral but also other tokens which are gradually added to make the system more robust and to open it to more crypto holders.

So creating a vibrant area which has branched into decentralized finance (DeFi) as well, but the main use case remains its use one exchanges and for arbitrage as shown by Tether’s continued growth.

Copyrights Trustnodes.com

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