Tether (USDT) on-chain volume has reached the $1 trillion mark for the first time ever. The world’s largest stablecoin controls a 64 percent market share of the total stablecoin transaction volume as of April 30, according to a report by TheBlock on May 5, 2021.
Tether (USDT) Reaches New Milestone
Despite the numerous controversies that have plagued Tether, the issuers of the world’s number one stablecoin, the digital currency has continued to wax stronger and it appears the storm may be finally over for the project.
Barely three months after tether (USDT) on-chain volume reached $232 billion for the first time since it started trading in February 2015, the stablecoin’s on-chain volume has hit a fresh all-time high of $1.01 trillion, maintaining a 64 percent market share of the total stablecoin transaction volume which sits at roughly $1.6 trillion.
For those who are unaware, on-chain transaction volume refers to only the transaction volume within a blockchain. In essence, it does not include the trading volume of USDT on centralized exchanges.
Tether Still the Preferred Choice
While tether (USDT) remains the number one choice for crypto traders, other stablecoins are fast gaining traction. USD Coin (USDC) maintains a 20 percent share of the stablecoin market with its $312 billion on-chain volume, while Dai has an eight percent market share at $114 billion.
Commenting on the stablecoin’s latest achievement, Paolo Ardoino, the Chief Technical Officer (CTO) of Tether reiterated that “Surpassing the $1 trillion mark in on-chain volume represents yet another milestone in Tether’s ascent.”
As reported by BTCManager earlier in February 2021, the age-long court case between Tether partner, Bitfinex cryptocurrency exchange, and the New York Attorney General Office came to an end after the former reached an $18.5 million agreement with the regulators, while also promising to be more transparent in their operations.
Last March, the Tether team published an attestation via Moore Cayman accounting firm, verifying that it held $35.28 billion in assets backing its USDT tokens as of February 28, 2021, against its total liabilities of $35.15 million.
“Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As Tether’s growth in the market continues to validate our business, we understand the public’s interest in this matter. We are pleased to share this attestation as part of our ongoing commitment to transparency,” declared Tether at the time.
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