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 0.67% Ethereum / USD ETHUSD $ 1,243.40
$8.330.67% Volume 12.58 b Change $8.33 Open $1,243.40 Circulating 121.3 m Market Cap 150.83 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 TRX -1.78% TRON / USD TRXUSD $ 0.06
$0.00-1.78% Volume 451.61 m Change $0.00 Open $0.06 Circulating 92.5 b Market Cap 6 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon Justin Sun Stepping Down from Tron (TRX) Leadership To Be A Diplomat For Grenada 6 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report EOS 0.26% EOS / USD EOSUSD $ 1.01
$0.000.26% Volume 161.2 m Change $0.00 Open $1.01 Circulating 992.81 m Market Cap 1 b 6 mon Keanu Reeves “HODL”, Swiss Federal Councilor’s Data Leaked in Ledger Hack, Crypto Protocols Continue Be Exploited 6 mon EOS Founder Calls for A Rebranding, Network Pivots to DAO And Moving Away From Block.one 6 mon Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December SOL -0.52% Solana / USD SOLUSD $ 42.36
-$0.22-0.52% Volume 1.28 b Change -$0.22 Open $42.36 Circulating 342.64 m Market Cap 14.51 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows
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.