Tether (USDT) popularity has hit an all-time high in the cryptocurrency sector. The stablecoin is now the most traded virtual currency, accounting for 32% of trading activities in crypto exchanges. Bitcoin (BTC) held the mantle due to the multiple base pairs in use but not anymore. BTC currently accounts for about 30% of exchange activity.
Growing Tether Popularity
Increased exchange activity follows many altcoins acquiring a USDT market, a development that has continued to boost the flow of the stablecoin in exchanges. As it stands, Tether is the fastest growing cryptocurrency in terms of usage.
Tether’s market share has already clocked highs of 24% from 15% as of last year. The fact that its trading has surpassed that of Bitcoin all but underscores its acceptance in the burgeoning sector. Tether’s popularity has continued to increase given its ability to make it easy for traders to move money in and out of other cryptocurrencies.
The pegging of Tether on the USD means traders do not have to exchange their crypto holdings to dollars with each trade. Crypto exchanges are also increasingly using the token to transfer funds in between them.
Tether popularity and increased usage also stem from an increase in total supply. The number of USDT coins has already surpassed the 4 billion mark seen as one of the catalysts behind increased usage. In addition, diversification in the way new coins come into being has also had a hand in fuelling the coin’s market activity. Minting of the coin can now be done through Ethereum, EOS, and TRON, in addition to using Bitcoin Omni layer.
The company behind the stablecoin is in the process of launching a fifth blockchain. With the addition of the blockchain, users will be able to use the stablecoin on Algorand and EOS, as well as TRON and Omni.
“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration. We are very excited about the potential this enables for other projects in the decentralized ecosystem, and we eagerly await working closely with many of them in the future,” said Tether CTO Paolo Ardoino.
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