USDT is 2x the Sum of all Competitors Together

The Chief Technology Officer of Tether (USDT), Paolo Ardoino on Twitter shared about the performance of the top Stablecoin USDT against it's rivals sharing statistics highlighting the dominance of Tether in the market.

According to Paolo, the market cap of Tether is three times higher than than its closest rival and two times higher than the combined market cap of all its rivals in the market.

According to coinmarketcap data, the total market cap of all stablecoins stands currently at around $127 billion.

Business Insider

Among these stablecoins, Tether is at the top with its market cap of more than $83 billion. The closest competitor to USDT, USDC has a market valuation of more than $27 billion.

While the other stablecoins DAI, Binance USD and a few others have market caps below $5 billion each. This highlights the significant gap between Tether and its competitors.

This performance of Tether may be attributed to its long standing presence in the market as well as its association with the prominent crypto exchange, Bitfinex.

FUD-makers frequently claimed that Tether's reserves are insufficient to support USDT redemption or a potential de-peg from $1. While the market cap of Tether remains unrivaled, other stablecoins like USDC, DAI, BUSD and others continue to make valuable contribution to stablecoin ecosystem.

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