Ethereum’s Recent High Fees Pushed More USDT to Tron

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

  • 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.

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.

Spread the love
FacebookTwitterLinkedinRedditMixWhatsappWordPressTelegramVkontakte
Share
Tags: BitFinex Ethereum (ETH) ethereum eth news Tether (USDT) Tron (TRX) tron trx news

Recent Posts

Ethereum’s One Month Correlation with BTC Drops to 68% as $3k Beckons
  • Ethereum News 2

Ethereum’s One Month Correlation with BTC Drops to 68% as $3k Beckons

$3k Possible for Ethereum in the Month of May. Ethereum’s ongoing…

Ethereum 2.0 Deposit Contract Now Holds 4M ETH Worth $10.8B
  • Ethereum News 2

Ethereum 2.0 Deposit Contract Now Holds 4M ETH Worth $10.8B

Ethereum Aims for new ATHs as Options and Futures Expire…

Tesla sold 10 percent of its bitcoins. Cause of concern for cryptocurrency investors?
  • News coin 2

Tesla sold 10 percent of its bitcoins. Cause of concern for cryptocurrency investors?

Tesla released its first quarter 2021 earnings earlier this week.…

Gemini Exchange to Issue Its Own Credit Card for Cryptocurrency Cashbacks
  • News coin 2

Gemini Exchange to Issue Its Own Credit Card for Cryptocurrency Cashbacks

Users of the large cryptocurrency exchange Gemini will soon get…

Iranian government will use mined cryptocurrency to fight economic sanctions
  • News coin 2

Iranian government will use mined cryptocurrency to fight economic sanctions

Iran continues to explore the potential use of cryptocurrencies as…

Gemini Launches Credit Card with Mastercard, to Reward Users in BTC
  • Bitcoin 2020 News

Gemini Launches Credit Card with Mastercard, to Reward Users in BTC

News of Gemini and Mastercard partnering to launch a credit…