Paolo Ardoino, the Chief Technology Officer of Tether (USDT), posted a tweet to praise the performance of the USDT stablecoin against its rivals, sharing remarkable statistics highlighting Tether’s dominance in the market. According to Arduino, the market capitalization of USDT is three times higher than its closest competitor and twice the combined market cap of all its rivals.
Stat of the day$USDt market cap is 3x it's closest competitor and 2x the sum of the competitors all together.
— Paolo Ardoino 🍐 (@paoloardoino) July 7, 2023
USDT’s Numbers are On the Rise
According to CoinMarketCap, the combined value of all stablecoins in circulation is an impressive $127.3 billion. The dominant stablecoin in this market is Tether, which has a market cap of $83.4 billion. This means that Tether is worth three times more than Circle USD (USDC), the second-largest stablecoin by market cap.
Among the stablecoins, Tether (USDT) dominates the market with a valuation of $62.8 billion. The second-largest stablecoin, USD Coin (USDC), is far behind with a valuation of $27.53 billion. The other stablecoins, such as DAI, Binance USD (BUSD), True USD (TUSD), Pax Dollar (USDP), and USDD, have market caps of less than $5 billion each, showing the huge gap between Tether and its rivals.
Another way to show the popularity and trust in USDT stablecoin is to look at its daily trading volume in USD on CoinMarketCap. It reached $29.4 billion, which is much higher than any other stablecoin. For comparison, USDC, the second most traded stablecoin, had only $4.1 billion in daily volume. This indicates that USDT has strong liquidity and demand in the crypto market.
One possible reason for Tether’s success is its early entry into the market and its connection with Bitfinex, a well-known crypto exchange. However, USDT has faced frequent accusations of fear, uncertainty, and doubt (FUD) from the crypto community in the past.
Some people claim that Tether does not have enough reserves to support USDT withdrawals or to maintain its $1 peg. However, Tether is still the most dominant stablecoin in the market, and other stablecoins, such as USDC, DAI, BUSD, TUSD, Pax Dollar USDP, and USDD, also contribute to the stability of the crypto space.