The total market capitalization of Tether’s USDT stablecoin has grown by $3 billion in a single month, to help the stablecoin further cement its position as the number three crypto by market cap, at $15 billion.
Tether celebrated the milestone on Twitter by pointing out its growth over the last 30 days and its position as the “most liquid, stable and trusted currency.” USDT’s market cap likely surged thanks to demand related to the decentralized finance space, as users use the stablecoin to farm yield while avoiding volatility.
Several liquidity pools – including some accessible through centralized exchanges – are now using the stablecoin, along with the Centre Consortium’s USDC and Maker’s DAI.
As CryptoGlobe reported, late last month CoinMetrics data showed USDT’s 7-day average daily transfer value surpassed that of the flagship cryptocurrency bitcoin and PayPal, as the stablecoin’s transfer value was of $3.5 billion, above BTC and PayPal’s values close to $3 billion each.
Tether’s USDT has been growing exponentially so far this year. While in January there were $4 billion worth of the stablecoin in circulation, in July there were $10 billion, as it has recently surpassed XRP to become the third-largest crypto by market cap.
Tether’s transparency report shows that out of $15.2 billion in circulation, over $10 billion are on the Ethereum blockchain. The stablecoin has a further $4 billion on the TRON network, and hundreds of millions spread across the Omni protocol, EOS, Liquid, Algorand, SLP, and OMG.
While USDT is now circulating on several blockchains, Tether has conducted a billion-dollar token swap from Bitfinex to Binance earlier this year, as Binance had a surplus of $1 billion in TRC-20 USDT tokens, and needed to trade them for 1 billion ERC-20 USDT tokens.
Another token swap has been announced, converting 1 billion USDt from the TRON blockchain to Ethereum.
Featured image via Pixabay.
