- USDT boasts a market cap three times higher than its closest competitor.
- Paolo Ardoino, CTO of Tether, emphasizes USDT’s dominance in the market.
- USDT’s daily trading volume is $29.4 billion, while USDC is below $5 billion.
Paolo Ardoino, the Chief Technology Officer of Tether (USDT), took to Twitter to boast about the performance of the USDT stablecoin against its rivals, sharing impressive statistics highlighting Tether’s dominance in the market. According to Arduino, the market capitalization of USDT is three times higher than its closest competitor and twice the combined market cap of all its rivals.
Stat of the day$USDt market cap is 3x it's closest competitor and 2x the sum of the competitors all together.— Paolo Ardoino (@paoloardoino) July 7, 2023
CoinMarketCap data reveals that the total market cap of all stablecoins currently stands at a staggering $127.3 billion. Among these stablecoins, Tether takes the lead by a significant margin. With a market cap of $83.4 billion, USDT outshines Circle USD (USDC), its closest competitor, by threefold.
Specifically, USDC has a market valuation of $27.53 billion. On the other hand, DAI, Binance USD (BUSD), True USD (TUSD), Pax Dollar (USDP), and USDD trail further behind with market caps below $5 billion each, highlighting the significant gap between Tether and its competitors.
Furthermore, the daily trading volume of USD on CoinMarketCap stands out, amounting to $29.4 billion. At the same time, the closest in line, USDC, had $4.1 billion, demonstrating the high level of liquidity and demand for USDT stablecoin.
The performance of Tether could be attributed to its long-standing presence in the market and its association with Bitfinex, a prominent crypto exchange. Nonetheless, USDT has suffered consistent panic calls of fear, uncertainty, and doubt (FUD) from the crypto community in the past.
The FUD mongers often alleged that Tether has an insufficient reserve to back USDT redemption or a possible de-peg from $1. While Tether’s market dominance remains unrivaled, other stablecoins, USDC, DAI, BUSD, TUSD, Pax Dollar USDP, and USDD, continue to make valuable contributions to the stablecoin ecosystem.
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