USDT surpasses the $120 billion market cap, reinforcing its dominance as a leading stablecoin on the Ethereum and Tron networks.
Tether’s popular stablecoin, $USDT, has reached a new milestone, surpassing a market capitalization of $120 billion. According to data from Lookonchain, the circulating supply of $USDT currently stands at 120.17 billion tokens. This marks a significant achievement for $USDT, one of the most widely used stablecoins in the crypto market today.
For the total $USDT in circulation, 61.49 billion tokens belong to the Tron network (51.17%). On the other hand, 54.48 billion tokens belong to the Ethereum network (45.34%). The usage of $USDT on these two blockchain platforms shows the importance of both networks for the stablecoin in its global utilization.
USDT Cementing Its Position as Leading Stablecoin with 120B Market Cap
It is worth paying attention to the growth of $USDT traffic on the Tron network. Tron has received considerable adoption because of its high transaction speeds and low transaction fees compared to Ethereum. Traders and investors are increasingly attracted to Tron due to the opportunities. Ethereum remains one of the most popular stablecoins. This is mainly due to the many decentralized applications built on its platform. Other networks, such as Tron, have emerged, but Ethereum continues to serve as home to $USDT.
Therefore, the growing market cap of $USDT underlines its importance to the overall cryptocurrency space. It is also a financial asset employed in transactions, a means of value exchange, and a stabilizer of prices in an unstable environment. The growing number of users trusting and using $USDT means that more users continue to hold it as a stable asset.
As long as there is increased demand for stablecoins, the utility of $USDT is expected to increase even more. This is especially true given that the paper has been widely distributed across different social networks. $USDT provides users with several opportunities to interact with the crypto market with fewer risks. Therefore, more and more people look for such stability, $USDT will only show further growth.
Therefore, the crypto market capitalization value above $120 billion proves the dominance of $USDT in the crypto market. USDT is expected to sustain its position as one of the world’s leaders in digital assets due to its increasing use across primary blockchain platforms.
