- USDT active addresses have exceeded 6 million
- Half the amount is on Ethereum with the other half on Tron
- Tether’s market cap has exceeded $48B and still dominating the stablecoin market worth $75.4 Billion
- Tether’s growth has been organic based on the growth of the crypto markets and DeFi
The number of USDT active addresses has exceeded 6 million. This milestone by USDT was shared by the CTO of Bitfinex and Tether, Paolo Ardoino, who also highlighted that the distribution of these addresses is even between Ethereum and Tron at 3 million each. Mr. Ardoino shared this milestone by Tether through the following tweet.
— Paolo Ardoino (@paoloardoino) April 19, 2021
Tether’s Market Cap Increases by a Factor of 11.27x in 1 Year
A quick look at CoinGecko reveals that the total market capitalization of Tether (USDT) currently stands at $48.5 Billion. Tether’s market cap has experienced exponential growth, with April of last year being a monumental tipping point for the stablecoin as highlighted in the following chart courtesy of the tracking website.
April of 2020 began with Tether’s market cap standing at roughly $4.3 Billion. Comparing this value with the current market cap of $48.5 Billion reveals that the USDT in circulation has grown by a factor of 11.27x in the last year. This is a 1,027% increment in the stated time period.
Tether Continues to Dominate the Stablecoin Arena worth $79.35 Billion
Tether has also continued with its dominance of the stablecoin market that is currently worth a total of $79.35 Billion. The chart below, courtesy of CoinGecko, provides a visual cue of Tether’s growth in the last year relative to other popular stablecoins such as USD Coin (USDC), Binance USD (BUSD) and DAI.
Connecting the dots, the growth of Tether seen through its 6 million active addresses and an ever-growing market cap, reveals that USDT’s rise has been in tandem with the growth of Bitcoin, Defi and the entire crypto markets in the last year.
Going back in time once again, Bitcoin was valued at roughly $7k in April 2020 with the total crypto market cap standing at only $177 Billion. In the one-year period since then, Bitcoin has posted an all-time high of $64,800 and the crypto markets have hit a peak value of $2.3 Trillion. Furthermore, the one-year period since April 2020, has seen the rise of DeFi on both Ethereum and Tron.
All these events lead to the conclusion that the rise of USDT has been organic and based on its demand in the crypto-verse.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.