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USD Backed Stablecoin Tether Continues To Grow, Increasing Market Dominance By 2.9%
Summary: Popular stablecoin Tether has increased market dominance by 2.9% since the end of August, data from CoinMarketCap shows. Stablecoins are seen as a potential onramp for many not yet working with cryptocurrencies because they allow people to engage with the industry without being subject to market volatility that comes with currencies like Bitcoin or Ethereum. ...
Popular stablecoin Tether has increased market dominance by 2.9% since the end of August, data from CoinMarketCap shows.
Stablecoins are seen as a potential onramp for many not yet working with cryptocurrencies because they allow people to engage with the industry without being subject to market volatility that comes with currencies like Bitcoin or Ethereum. Tether is backed by the U.S. dollar and is currently the third largest cryptocurrency by market capitalization standing at $13,975,389,201.
The Tether inflow to exchanges has increased over the past 30 days, Chainanalysis data shows, demonstrating how it is playing a more important role in providing liquidity to exchanges.
By Emily Mason
Tags: Stablecoins,Tether,USD
Link: USD Backed Stablecoin Tether Continues To Grow, Increasing Market Dominance By 2.9% [Copy]
