您现在的位置是:DeFi Boom Inflates Tether Supply To $15 Billion >>正文
DeFi Boom Inflates Tether Supply To $15 Billion
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛314人已围观
简介The total market cap of Tether (USDT) has increased nearly fourfold in 2020, thanks in part to the b...
The total market cap of Tether (USDT) has increased nearly fourfold in 2020, thanks in part to the boom of the decentralised finance (DeFi) sector
The increasing popularity and market cap of the DeFi sector are resulting in a mass minting of USDT coins. In August, a total of $3 billion worth of USDT tokens were minted, leading to the market cap of the stablecoin to reach $15 billion.
USDT is currently the third-largest cryptocurrency in terms of market cap, after overtaking Ripple (XRP). At the start of 2020, USDT’s total market cap was only $4 billion. However, total USDT in circulation is now over $15 billion.
The core driver behind USDT’s increased market cap is the DeFi space. The increasing popularity of DeFi tokens has done a lot of good for USDT as more liquidity pools are now being based on stablecoins.
Tether announced that its total market cap had surpassed the $15 billion mark, adding that the market cap added a few billion dollars last month. The firm tweeted that “Tether has just surpassed a $15 billion market capitalisation! In only one month, Tether’s market cap has increased by more than $3 billion, maintaining its number one spot as the most liquid, stable and trusted currency!”
Although the DeFi space is the primary reason behind the massive surge in USDT’s market cap, most of the liquidity for stablecoins is held on centralised exchanges. According to an infographic from Flipsidecrypto.com, Binance and Bitfinex alone hold $2 billion of the total USDT coins currently in circulation.
Ethereum, home to the DeFi space, has benefited massively from the rising popularity of the new sector. Tether, in its Transparency Report, revealed that Ethereum now houses $10 billion USDT tokens, or two-thirds of the entire market supply. The Tron network currently holds $4.2 billion worth of USDT coins and the Omni blockchain houses $1.3 billion Tether coins.
Although Ethereum is home to most of the Tether supply, there are moves to transfer some of the coins to other networks due to the rising gas fees negatively impacting on the Ethereum blockchain.
Tether is considered by some to not be a trusted entity within the cryptocurrency space after facing numerous allegations of artificially inflating the crypto market during the bull run of 2017. Some proponents within the crypto space are calling for a full audit of Tether and a disclosure of its financial documents to determine whether the company has $15 billion in cash and assets to back up the stablecoin in circulation.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/162237.html
相关文章
Chainalysis has not observed systemic use of crypto to evade sanctions in Russia
DeFi Boom Inflates Tether Supply To $15 BillionChainalysis chief Jonathan Levin has said there’s no evidence of ‘systemic’ use of...
阅读更多
Where to buy Streamr crypto online: DATA coin on the rise again
DeFi Boom Inflates Tether Supply To $15 BillionStreamr (DATA) coin is one of today’s trending cryptocurrency assets. However, at present, the...
阅读更多
Axie Infinity is rocketing – Here is why
DeFi Boom Inflates Tether Supply To $15 BillionA confluence of fundamentals and technical factors driving AXS price.Axie Infinity was trading at a...
阅读更多
热门文章
- The Federal Reserve Bank Considering CBDC to Modernise the Payment Sector
- Loopring (LRC) price rallies over 39%: what is fuelling the surge?
- S Korea’s Bithumb Appears to be Looking for Buyers, Again
- Why Gene Simmons’ ADA Endorsement is Bullish
- Blockchain For Europe Welcomes Crypto Exchange Binance
- Vesper Finance's TVL Crosses $1 billion