Today the market data and analysis web portal, Messari, tether (USDT) has a $10.2 billion market valuation and $1.4 million in 24-hour global trade volume. Statistics on Coinmarketcap.com indicates that the market cap for tether (USDT) is $9.1 billion and a whopping $20 billion in 24-hour trades.
A number of other market aggregators show tether’s market valuation is just above the $9.1 billion mark. There also a number of other stablecoins that are doing well growth-wise, but not nearly as exponential as USDT.
The second-largest stablecoin by market valuation is USDC, a stablecoin token created by Circle. USDC is close to reaching a $1 billion market cap with $927,077,875 worth of USDC coins in circulation. The stablecoin BUSD launched by the crypto exchange Binance has a $165,876,444 market valuation at the time of publication.
Paxos Standard, otherwise known as PAX, has a $244,966,858 market cap, which is well above BUSD. This is followed by trueusd (TUSD $144M) and gemini dollar (GUSD $9.8M). Gemini’s stablecoin is barely a blip on the radar when it comes to the rest of the stablecoin competition.
In addition to tether’s (USDT) rise to a $10 billion dollar market, the coin has moved a massive amount of USDT value from the Omni Layer network over to the Ethereum network. In fact, 60% of tethers have been issued as ERC20 tokens to-date.
At press time, there are 6,037,847,550 USDT tokens that leverage the ERC20 standard. The Ethereum blockchain holds a large majority of stablecoins as well (that are mentioned above) and the network’s value transfer is dominated by stablecoins.
What do you think about tether’s (USDT) whopping $10 billion dollar market cap? Let us know what you think in the comments section below.
The post Tether’s Market Valuation Grows 144% in 2020, USDT Market Cap Worth $10 Billion appeared first on Bitcoin News.
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