Bitcoin traded below $ 40k on price lists, while Tether's market capitalization reached $ 25bn today. In fact, stablecoin has become one of the most traded assets in all cryptocurrencies, and its trading volume has even surpassed that of Bitcoin.
With a 72 percent Sunday Share, tether's growth was tremendous in 2020. In December December 2019, the USDT increased 455 percent, from $ 3.2 billion in December 2020 to $ 17 billion in December.
While speculators speculated about Tether's credibility from the start, stabilcoin managed to grow oblivious to all this. In fact, given the demand for Bitcoin, Tether's growth makes sense.
Recently, institutions have found their favorite alternative investment asset and are investing heavily in it. While it is clear that the USDT market has far outpaced the USD market, it is also clear that institutions will not use fiat markets.
This partly explains Tether's growth in 2019 and even 2020. As far as 2021 is concerned, more and more USDT has been pressed, as Bitcoin has staged a massive rally in the first and second weeks of 2021.
In 2021 alone, Tether set a record $ 2 billion in one week, with $ 1.5 billion printed the week before that. With a market capitalization that reached $ 25 billion at press time, Tether can be observed to have risen 19 percent in just 15 days.
Sam Trabucco of Alameda Research recently shared a rather interesting opinion on the same issue. He noted that many who buy tether do not do so through printing, but by selling or buying it through trade. Because the market is variable, tether fixing also changes.
Alameda may arbitrate these opportunities through the direct creation and use of Tether. This helps fix it while also benefiting agents.
Sam Trabucco added:,
"Other stablecoins, such as USDC, have nowhere near variable precursors because the push-and-pull process is more relevant to the USDT and fewer firms can actually do it. Therefore, as I mentioned above, many people who want it enter the market"
While the New York Attorney General's case against Tether is still ongoing, there is no idea how the case will end. However, regardless of what the decision is, Tether can get away with it because stabilcoin is available in multiple chains, not a single blockchain. As of the date of writing, tether, ETH, Omni, TRX, EOS, OMG, Liquid, etc. On. That's what you call dominance.