USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap
High fees on Ethereum push more USDT Flow onto Tron, which now has almost $26 billion USDT issued on it compared to $24.42 billion USDT circulating on the Ethereum blockchain.
Popular stablecoin Tether has surpassed $50 billion in market capitalization to hit $50.6 billion.
“Tether’s market cap is growing fast, with a monthly increase of $10B. Will we reach $100B before 2022?” reads the company's tweet.
2021 has started on a bullish note for Tether by hitting this milestone. But according to Paolo Ardoino, CTO at Bitfinex and Tether, “this is only the beginning.”
“We have so much planned for 2021 and 2022… it will be just mind-blowing!” he added.
With this milestone, Tether remains the largest stablecoin in the crypto market, accounting for 65% of the market share, but it is steadily declining since January 2019 when it was at about 75%.
USDC and BUSD have a 17% and 9% share of the market, respectively, with the combined market cap of these stablecoins along with DAI having increased from 9% to 32% during this time period.
“Having multiple choices is important. And we welcome competition!” commented Ardoino.
Tether actually runs several blockchains, Omni, Ethereum, Tron, EOS, Liquid, Solana, and others. But while Ethereum used to dominate the USDT supply, this time, Tron has beaten it to the dominant one. ETH -12.40% Ethereum / USD ETHUSD $ 3,748.37
-$464.80-12.40% Volume 82.23 b Change -$464.80 Open $3,748.37 Circulating 115.86 m Market Cap 434.27 b 16 h Balancer Labs Launches V2 With Promises Lower Fees, Higher Yields, and Easy Interface 18 h Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 19 h Bitwise Launches Crypto Industry Innovators ETF After a Green Light from the SEC TRX -14.58% TRON / USD TRXUSD $ 0.12
-$0.02-14.58% Volume 4.57 b Change -$0.02 Open $0.12 Circulating 71.66 b Market Cap 8.51 b 1 w Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 2 w USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap 3 w Google Search Volume for Cryptocurrency in Turkey Is At An ATH After Payment Ban EOS -20.95% EOS / USD EOSUSD $ 10.45
-$2.19-20.95% Volume 13.97 b Change -$2.19 Open $10.45 Circulating 953.34 m Market Cap 9.97 b 1 d Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called 'Bullish' This Year 1 d Tech Stocks Dragging Bitcoin, Ether, & Crypto's Down, But 'Fundamentals Still Strong' 1 w Bitcoin and Ether Aren't the Top Traded Crypto's on Binance Or the Biggest South Korean Exchange SOL -7.94% Solana / USD SOLUSD $ 41.80
-$3.32-7.94% Volume 1.4 b Change -$3.32 Open $41.80 Circulating 272.64 m Market Cap 11.4 b 1 d Ethereum is Literally Unusable; Fees Surge to New ATH as Dogs Take Over the Network 2 d SHIB Token Is Sending Ethereum Gas Prices Higher 5 d Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece
As of writing, about $24.42 billion USDT is circulating on the Ethereum blockchain compared to nearly $26 billion USDT issued on the Tron blockchain, as per the website. Most of this Tron-based USDT supply is on Binance, OKEx, and Huobi. Ardoino said,
“Recent high-transaction fees on Ethereum pushed more tether flow onto Tron. In the end, no one wants to pay 20$ to send 100$. EVM compatible blockchains make swaps almost seamless.”
He further shared that Tether and Bitfinex are both committed to supporting more layer 2 solutions.