- Tether remains one of the top coins despite poor overall market action.
- USDT has flourished in recent years and isn’t restricted to specific markets.
Tether may still be new on the block but it has managed to survive the harsh crypto winter. The coin has surprisingly stood tall among its competition amid many setbacks over the years. Because crypto markets are consistently seeing additional stable coins join the fold in swift timelines, Tether has managed to maintain its superiority in the altcoin space.
Tether is still ruling stablecoins as it still accounts for about 97% of the overall market share of the stablecoins in the space. The stablecoin may have seen and had its share of controversies, however, it has stayed on top as the markets many stablecoins have been introduced into the market. People surprisingly still choose Tether despite having many promising projects out there at their disposal.
Tether Supply has Doubled Just as its Value has impressed
As many new projects began to emerge, some of these offerings were launched to function as fully fiat-backed tokens. These assets were highly stable at first, unlike Tether. Because the price of Tether fell to $0.85 in the late part of 2018. However, traders soon discovered that such fiat-backed coins had the issue of diminishing supplies. These coins were only utilized as fiat off-ramps. The USDT token hasn’t only maintained its position, it has flourished in recent years. The token has doubled its supply to more than 2 billion tokens. The project has also launched the Omni-layered coins which operate on other networks like Ethereum. These coins ensure that you can make faster and cheaper trades. The idea was embraced, and Tether managed to make its way to more exchanges, the ERC-20 tokens.
The USDT stablecoin is unlike the other stablecoins because it isn’t restricted to a few markets alone. The coin has spread across countless markets and even managed to make its way to fresh Blockchain’s. The coin has also deployed on the Tron Blockchain. According to a Twitter user, about 19% of the entire Tether tokens are on the Tron net. The total number of tokens out there is worth approximately $900 million.
Tether is arguably the most adopted stablecoin out there with many entities and exchanges using it internally. The USDT pair operates across all digital currency markets. Unlike other crypto projects, Tethers minting isn’t followed by quick price pumps. However, the coin’s activity moves along BTC’s market action. Tether is one project you wouldn’t want to overlook.