According to the latest reports, Tether Operations Limited has managed to achieve a new milestone. It is yet another achievement overcome by Tether Operations, which shows that the project is headed in the right direction.
Tether, prominently known for issuing the stablecoin “USDT” is in the news for achieving a new market capitalization. The data from several on-chain data-analyzing firms shows that the Tether has achieved $50 market capitalization. The project is constantly moving in an upward direction and is aiming to set yet another achievement in the coming months.
The firm has revealed it has also earned the same kind of growth and adoption, as other major projects have in the past couple of years. It is because of this mass adoption that Tether has managed to achieve such high market capitalization. This would help Tether (USDT) keep itself among the top 10 cryptocurrencies by market capitalization.
Tether (USDT) made another huge announcement for its users as well as the users for the Coinbase Pro exchange. The firm has announced it has recently been enlisted on the Coinbase Pro exchange. This would be the first time that Coinbase has enlisted a stablecoin on its platform.
The data analyzing firms have revealed that Tether’s market capitalization has increased 170% in the last six months.
So far, Tether (USDT) reigns over the entire stablecoin space as the largest stablecoin in terms of market capitalization. Ever since its launch, Tether (USDT) has gained enormous adoption and market capitalization. In the past four years (since launch), USDT’s market capitalization has grown 2 million times.
It was just back in November of 2020; one of the on-chain data-analyzing firms, blockchain.com had revealed USDT’s overall market capitalization was $18.5 billion.
It is a huge achievement for Tether (USDT) to have gained such an achievement and observe such an increase in its market capitalization. As per figures, Tether (USDT) has gained 170.27% growth in terms of market capitalization since November 2020.
The Tether (USDT) officials also shared details around what has caused the adoption level to increase on the platform. The firm stated that it was mainly due to new applications being used in the decentralized finance (DeFi) space. These applications were responsible for using Tether (USDT) on a large scale, which resulted in such a high surge.
One of the major on-chain data reporting firms “Messari.io” has reported the daily trading volume of USDT. The figures show that the daily trading volume on the platform is around $117 billion. When it comes to being ranked according to the daily trading volume, USDT has the title for being at the top of the line. Apart from the above, USDT also aims to introduce a CBDC for different countries sharing its knowledge and expertise in the particular sector.