Tether (USDT) has reached $10 billion in market capitalization as growth in 2020 picked up.
It has been announced by Tether and also seen through the market price aggregator CoinGecko.
However, Tether’s issuance has seen significant growth in 2020, doubling from $5 billion in just five months since March 2020.
In March 2020 we hit a big milestone as our market capitalization hit $5 billion. Now only four months later we’ve surpassed a $10 billion market capitalization 🔝 Another huge accomplishment for 2020, solidifying $USDt place as one of the most liquid, stable & trusted currency! pic.twitter.com/ZsYBFYvyJ1 — Tether (@Tether_to) July 22, 2020
It has been reported earlier that a relevant portion of this growth comes from existing fiat on exchanges being transformed into USDT.
Paolo Ardoino, the CTO of Tether and Bitfinex, recapped some of Tether’s achievements during its growth.
Thread Thanks everyone for the amazing support since 2014. We couldn't have done it without you all!@Tether_to — Paolo Ardoino (@paoloardoino) July 22, 2020
As per the report, Tether transfers currently account for a majority of transactions and value on many of the chains where it is available.
It is one of the largest gas consumers on Ethereum with over $6 billion USDT existing as an ERC-20 token.
Likewise, according to Tether’s transparency page, the next largest Tether host is Tron, holding over $2.8 billion USDT, more than 2.5 times the market capitalization of TRX, as the original Bitcoin-based USDT on Omni comes third, with $1.3 billion.
The market cap of @Tether_to has surged past $10 billion https://t.co/SY5zduWlEw — Cointelegraph (@Cointelegraph) July 22, 2020
Other protocols like EOS, Algorand, and Liquid seem to be less popular, with the largest presence being on Liquid at just $17 million.
Ardoino also noted that Tether invests in startups and scaling solutions that share its “values and vision.” Notably, it is funding RGB, a protocol to bring tokenized assets to the Lightning Network.
Currently, Tether is the leading non-governmental stablecoin as its crypto competitors continue lagging behind under most metrics.
Thus, a potential threat to its dominance could come from central bank digital currencies, which would be issued by government-backed institutions to replace the existing fiat system.