In the cryptocurrency world, there are movers and shakers—and then, there’s Tether. It’s hard to overstate the importance of this company and its eponymous token, created by iFinex, for the crypto ecosystem.
Tether, or USDT, is a blockchain-based token pegged to US dollar. It trades on the ethereum blockchain—the second largest crypto network—and its trades also settle on the bitcoin network. What’s important about Tether, though, is that it’s massive. Tether’s market cap is almost $3 billion, making it the 8th largest cryptocurrency.
During mid-2018, Tether was responsible for 80% of bitcoin trading volume. Today, it still dominates the crypto markets. In fact, calculated by trading volume, USDT trades against bitcoin are responsible for the top 10 bitcoin spot markets (BTC/USDT) and its trades against ether make up the top 10 ether spot markets (ETH/USDT), according to LiveCoinWatch.