Dollar-pegged stablecoin Tether (USDT) reached a new landmark, hitting a cumulative $20 billion market cap across various blockchains over the weekend.
USDT is the most widely used stablecoin in the crypto industry and continues to be the on-off-ramp of choice for fiat-to-bitcoin conversions.
For comparison, Tether’s market capitalisation is technically higher than Iceland’s entire gross domestic product.
Across the spectrum of cryptocurrencies, stablecoins have been doing well, with over $26 billion locked in various dollar-pegged assets, per data from CoinGecko.
At current valuations, Tether dominates the USD stablecoin market, commanding nearly 80% of the entire market. The stablecoin is issued across multiple blockchains such as Tron and OMG but is predominantly based on Ethereum. Just today, Tether CEO Paolo Ardoino also hinted that USDT might also be issued on the bitcoin lightning network in the weeks ahead.
Traders find USDT particularly useful for moving money around freely without having to go through the lengthy and cumbersome processes that come with traditional finance. Since its official launch in 2015, the circulating supply of USDT grew to $2 billion in 2017—representing a massive 1,000% since then.