Tether (USDT) on TRON Crosses $41.7 Billion Market Cap

Tron (TRX) Overtakes Shiba Inu (SHIB) As the 14th Largest Cryptocurrency
  • USDT is issued by Hong Kong-based Tether and matches the price of the U.S. dollar.
  • USDT is shielded from market volatility swings.

The USDT stablecoin on TRON now has a market valuation of $41.7 billion. According to The Block Research, Binance, Huobi, and OKEx hold most of the Tron-based Tether supply. Users of these exchanges are more likely to trade USDT than any other currency.

Tether claims that USDT is cheaper and quicker than currency wire transfers and conventional payment channels like credit cards. According to the business, USDT has many applications outside trading, such as payments, remittances, and decentralized finance (DeFi). According to The Block Research, Tether is the most widely used stablecoin, followed by USDC and BUSD.

Pegged to the U.S Dollar

USDT is issued by Hong Kong-based Tether and matches the price of the U.S. dollar. By keeping in commercial reserve paper, fiduciary deposit cash, reserve repo notes and Treasury bills equal to the total quantity of USDT in circulation, the peg to the U.S. dollar is accomplished.

For those who don’t want to store their money in a savings account with an average interest rate of 0.06 percent, stablecoins may be lent and earn interest rates ranging from 3 percent to 20 percent. However, regulator and platform concerns also need to be considered.

Cryptocurrencies are untrustworthy as a store of wealth because of the tremendous volatility of the crypto markets, which may increase or fall by 10% to 20% in a single day. However, the USDT is shielded from these swings. According to CoinMarketCap, the Tether price today is $1.00 USD with a 24-hour trading volume of $57,748,491,382 USD.

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