Tether, USDC, BUSD and other stable coins grow despite the current Bitcoin market slump

by Patrick Gon
Rocket

Despite the recent collapse of the crypto market, Tether announced that it will exceed USD 5 billion in capitalization for USDT and an increase in interest in the industry’s most liquid and stable stablecoin.

USDT’s market capitalization has more than doubled since around 2 billion in February 2019 and the token is now available on various blockchains, from Ethereum to Tron, via EOS, Omni, Liquid Network and Algorand.

Furthermore, its role is also growing within the DeFi ecosystem , where it intends to bring a huge amount of liquidity.

Tether’s CTO, Paolo Ardoino , said:

“USDT is increasingly being rolled out over a number of projects ready to wipe out the financial system over the next 5-10 years. We are proud to have crossed the $ 5 billion mark with USDT manifestly so well supported within the digital asset ecosystem. “

Ardoino also spoke about the current market situation, and in particular about the price of bitcoin . In fact, he argues that, due to the ongoing global financial crisis, central bank policies will change, allowing bitcoin to prove its value over time.

Tether’s CTO points out that recent slumps in BTC’s value have wiped out gains over the past year , and that this has occurred within a broader picture of stock market crisis, such as the European Stoxx 600 which recorded the worst daily loss ever after statements by the governor of the European Central Bank disappointed the markets.

Ardoino commented:

“While bitcoin critics will lash out against the current 2% price drop, one day it just doesn’t make the market. Bitcoin is a battle-tested asset that over time will demonstrate its basic strength as a real store of value. While Bitcoin has grown during a period of massive QE by central banks, over time it will prove its worth because these policies will surely start to fail. ” 

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