- Tether’s CTO has explained that high fees on Ethereum pushed more USDT to the Tron blockchain
- USDT on Tron is firmly ahead of USDT issued on Ethereum
- Tether’s market cap has just exceeded $50 Billion
- According to Tether’s CTO, 2021 has been a good year for the stablecoin
High gas costs on the Ethereum (ETH) blockchain are the reason more USDT has been issued on Tron (TRX). This explanation was provided by the CTO of both Bitfinex and Tether, Paolo Ardoino, in a Twitter commentary that can be found below.
Recent high-transaction fees on #Ethereum pushed more tether flow onto #Tron. In the end no one wants to pay 20$ to send 100$. EVM compabible blockchains make swaps almost seamless.
Tether’s Market Cap Hits $50 Billion
Mr. Ardoino’s comments were in response to an article that pointed out that the amount of USDT issued on Tron had exceeded USDT issued on Ethereum. A quick glance at the Tether.io website reveals that the market cap of USDT currently stands at $50.61 Billion. Furthermore, the website goes on to provide the following breakdown of Tether (USDT) issued on the various blockchain networks.
- Omni – $1.335 Billion
- Ethereum – $24.416 Billion
- Tron – $25.994 Billion
- EOS – $70.251 Million
- Liquid – $36.561 Million
- Algorand – $24 Million
- SLP – $6 Million
- Solana – $190 Million
2021 Has Been a Wonderful Year For Tether (USDT)
After Tether’s market cap hit $50 Billion, Mr. Ardoino pointed out that this year had been a wonderful year for the stablecoin due to its growth and settlement with the New York Attorney General. His exact statement was as follows.
50B $USDt #Tether
2021 has been a wonderful year so far!
– AG settlement
– Periodic attestation
– 50B mark
And this is only the beginning. We have so much planned for 2021 and 2022… it will be just mind-blowing!
To note is that Tether’s market cap has been increasing at the rate of roughly $10 Billion per month. Therefore, chances are that its market cap hits $100 Billion later this year or early next year.
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.