Tether’s (USDT) market cap has increased by 44.9% since the beginning of 2021 hitting $30.33 Billion
Demand for stablecoins has increased as traders look for fiat onramps
Furthermore, DeFi on both Tron and Ethereum has accelerated the use of USDT
The market capitalization of Tether (USDT) has increased by a whopping 44.9% since the beginning of 2021 to hit a new all-time high of $33.334 Billion. This is according to data by the team at CryptoRank Platform who shared their observation of the growth by Tether via the following statement and accompanying chart.
Tether Market Capitalization Crossed $30 Billion $USDT cap has shown a growth of 44.9% from the beginning of 2021: $20.94B —> $30.35B.
Stablecoins Being Used as Fiat Onramps
As crypto adoption continues to gather steam across the globe, stablecoins such as Tether (USDT) are providing the ideal fiat on-ramps for traders and investors wishing to get in on the crypto trading action. Stablecoins are ideal for traders and investors who want to sit on the sidelines as they look for an ideal entry into Bitcoin, or any other digital asset.
This fact has been identified and pointed out by several traders such as Coiner-Yadox in the following observation made earlier this week before Bitcoin pumped to all-time highs.
btc exchanges reserves (orange) *still* continues to decrease 🙂 (this 30-40k range is re-accumulation) Stablecoins exchanges reserve (purple) are at all time high.
Tether (USDT) is at the Core of DeFi
Furthermore, at the core of the DeFi realm are stablecoins that serve as a base for a majority of the borrowing and lending. Tether is particularly the fan-favorite of DeFi users on both the Ethereum and Tron network.
At the time of writing the amount of Tether issued on Ethereum and Tron stands at $19.117 Billion and $10.494 Billion. This amount is bound to increase with time as DeFi gains popularity and trust from the traditional world of finance.