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 -6.27% Ethereum / USD ETHUSD $ 2,826.10
-$177.20-6.27% Volume 17.13 b Change -$177.20 Open $2,826.10 Circulating 117.71 m Market Cap 332.66 b 1 h Cardano's Investment Arm, EMURGO, Commits $100 Million to Ramp Up DeFi Integration 2 h Miner Returns $2.2 Million In Fees Mistakenly Paid by Crypto Exchange Bitfinex 4 h China Ban: TradingView & Data Sites Inaccessible, Alibaba Stops Miners & Crypto Sales, “Complete Shutdown” for SparkPool Users TRX -5.15% TRON / USD TRXUSD $ 0.08
$0.00-5.15% Volume 1.27 b Change $0.00 Open $0.08 Circulating 71.66 b Market Cap 5.98 b 1 w Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 1 w Ether Address Growth Surpasses Bitcoin, A Record 7.5 Million Addresses Holding at Least $1 Worth of Stablecoins 2 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits EOS -4.78% EOS / USD EOSUSD $ 3.73
-$0.18-4.78% Volume 1.28 b Change -$0.18 Open $3.73 Circulating 959.32 m Market Cap 3.58 b 2 mon Tether in 'Open Dialogue' with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud 2 mon ByBit Finally Launches Spot Trading with Four Trading Pairs Including BTC, ETH, XRP, & EOS 2 mon After EOS, Block.one Capitalizing on Bull Market Through “Bullish” Going Public in a SPAC Deal at a $9B Valuation SOL -9.01% Solana / USD SOLUSD $ 129.84
-$11.70-9.01% Volume 2.46 b Change -$11.70 Open $129.84 Circulating 297.42 m Market Cap 38.62 b 5 h Bitcoin’s Monthly Inflow Crosses $100 Million, Solana and Polkadot See “Outsized Inflows” 3 d Solana-Based DAO Developer, Grape Network, Raises $1.2 Million in Funding 5 d Wormhole Launches Solana-Ethereum Bridge to Move NFTs Cross-Chain
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.