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As crypto markets continue to recover from the latest sell-off, one of the biggest names in the stablecoin sector has grabbed some big news. The price of Tether (USDT) is up over 2% on the day, and has surged to $1.02 in the process. In fact, the most popular stablecoin on the market has gained more than 10% in the past 24 hours. Meanwhile, the total market valuation for USDT has now surpassed the $50 billion mark, reaching $51 billion. It’s the first time the total market cap has been that high in just over a month, when USDT hit $50.4 billion.
Cryptocurrency platform Tether has seen its market capitalization swell past $50 billion USDT, as the stablecoin continues to fuel Bitcoin’s bullish charge across the crypto market this week. At time of press, Tether’s market capitalization has risen to $51 billion, as the stablecoin makes strides to challenge other top market cap cryptocurrencies.
Blockchain stackcoin issuer Tether Operations Limited recently crossed a market valuation of $50 billion after growing exponentially over the past few years. In addition, exchange platform Coinbase Pro launched tether steblecoin this week, the first time a San Francisco-based exchange has supported a token pegged to the dollar.
Tether’s market value up 170% in 6 months
The blockchain company reached a major milestone this week: The USDT token, which is pegged to the dollar, has surpassed a market capitalization of $50 billion. In November 2020, Bitcoin.com News reported how USDT outperformed its peers among stackablecoins, with a market capitalization that rose 2 million percent in four years. At that time, Tether (USDT) would have had a market valuation of approximately $18.5 billion. Today, USDT’s market valuation stands at $50 billion and is up 170.27% since November.
Tether Operations Limited says its rapid growth in market value is due to a wide range of use cases, including money exchanges using Tether and decentralized financial applications (Defi) using Stabelcoin. Messari.io’s data shows that Tether’s daily volume is around $117 billion, while USDT’s daily volume usually exceeds the $100 billion mark. Messari.io’s 24 hour real volume stats show that USDT’s real volume on the 26th. April could be around $38.80 billion. It is still the largest crypto currency in terms of trading volume on a daily basis, compared to major crypto assets like ETH and BTC.
Reaching a market value of $50 billion is an incredibly important milestone for Tether, said Paolo Ardoyno, CTO of Tether, after reaching the $50 billion mark. When the group of visionaries who started Tether first launched stablecoin in 2014, they never imagined it would grow so exponentially. The success of Tether is the central bank digital currency project (CBDC) and the banking system of the future. We’ve become really aware of the key role that Tether now plays in the ecosystem of digital tokens across multiple protocols and applications.
Coinbase Pro begins phasing in Tether exchange pairs, Stablecoin is not yet supported on Coinbase.com
When Tether (USDT) first appeared, stablecoin was issued on the Bitcoin (BTC) network using the Omni Layer protocol. Since then, the token has expanded to multiple blockchains and USDT has been published on blockchain networks such as Ethereum, Solana, Tron, Bitcoin Cash, EOS, Liquid and Algorand. In addition, the ERC20 version of Tether is used in several defi applications and decentralized exchange platforms (dex). USDT is used on several centralized spot exchanges around the world, and recently the token was added to Coinbase Pro.
To date, Coinbase has stated. We are starting to accept incoming USDT transfers to Coinbase Pro. The auction starts at 18.00 hours. Pacific Time (PT), Monday, April 26, subject to liquidity conditions. Please note that Coinbase only supports ERC20 USDT.
If all goes well and Coinbase has a sufficient supply of USDT, the exchange will offer Tether pairs in BTC, ETH, EUR, GBP, USD and USDC. However, if there is not enough money for a pair, it can be withdrawn. Coinbase says it will gradually announce the listing of each Tether pair, and USDT will not yet be available on Coinbase.com.
We will make a separate announcement if and when this support is added, the San Francisco-based exchange concluded.
What do you think about the fact that Tether’s market value reached $50 billion this week? Let us know what you think in the comments below.
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Frequently Asked Questions
What is Tether Stablecoin?
Tether is a cryptocurrency pegged to the USD, meaning that each unit of the currency should, in theory, be worth $1. The goal of Tether is to provide a stable digital asset that can be used as a digital alternative to the USD, and be rapidly transferred between exchanges without incurring large fees. In order to achieve this, Tether is “backed” by USD funds in the real world. Different cryptocurrencies have different use cases. For example, Bitcoin is designed to be a store of value, while Ethereum is designed for smart contracts. Tether is a stablecoin, which means it’s designed to maintain a stable value. This differs from cryptocurrencies like Bitcoin, Ether, and Litecoin, which tend to increase or decrease in value rapidly, making them unsuitable for daily purchases.
Can I buy tether on Coinbase?
We here at The Internet Security Group (ISG) want to help you keep your computer protected and make sure you know what you’re doing when you invest in the cryptocurrency market. That’s why we went to Coinbase and asked if you can buy tether there. Coinbase is an online cryptocurrency broker that operates in 32 countries. It provides a platform for trading Bitcoin, Ethereum, and Litecoin with fiat currencies in around 32 countries. Coinbase is one of the most popular cryptocurrency exchanges in the world. Coinbase is one of the most popular cryptocurrency exchanges and trading platforms. It enables you to buy, sell, and store digital currencies—buying and selling for fiat currencies like USD or EUR. Coinbase also makes it easy to convert your local currency into and out of digital currencies. Coinbase is one of the most well-funded crypto startups (see our Coinbase Review ) and one of the first to offer a Bitcoin wallet.
Is Usdt a Stablecoin?
Recently, there has been a lot of buzz around the launch of Tether. USDT (or tether) is a cryptocurrency whose value is supposed to remain stable relative to the US dollar, making it similar to a stablecoin. But because USDT is a “stablecoin,” it is also similar to a cryptocurrency, making it a “stablecoin cryptocurrency.” That’s right, Tether is a cryptocurrency that claims it actually isn’t a cryptocurrency. Here’s how the stablecoin works. In the world of cryptocurrency, a stablecoin is a type of cryptocurrency that is pegged to another stable asset (usually the US dollar). There has long been a desire for cryptocurrency to be a viable currency that can be used for everyday transactions, and the introduction of stable coins is widely seen as a move in that direction. However, stable coins haven’t yet lived up to the hype, with many of them fluctuating in value and most of them not yet being widely accepted as a form of payment. So, are stable coins really viable? Or are they just a flash in the pan?
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