Tether’s (USDT) stablecoin has been the leading base pair for cryptocurrencies for over eighteen months.
This is a rather impressive feat given the ongoing court case with the New York Attorney General and the other frequent rumors that USDT is not sufficiently backed or subject to regulators’ reach.
USDT has also been the dominant stablecoin in China even though the country banned cryptocurrency exchanges in 2017. This is because large exchanges like Binance, Huobi and OKEx turned to the stablecoin as their leading base pair.
It’s also worth noting that competitors like USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (PAX) had a combined capitalization of $520 million in June 2019. During the same period, USDT had already amassed a market cap larger than $3.1 billion.
Over the past 15 months, Tether’s market cap grew to $15.7 billion, while its four largest competitors reached $4.1 billion. Regardless of all the USD backing controversies, USDT has held a nearly 80%