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Tuesday, January 31, 2023

Tether Has Been Gaining Some Major Momentum

Tether has been preserving its status as one of the most used stablecoin, as reported by the Chief Technology Officer Paolo Ardoino. Interestingly, this has been the truth even when the USD coin has been expanding its operations throughout the crypto sector. He went on to point out that if one were to see the volumes of the stablecoin as compared to the rest of the stablecoins, they would be moving insanely more. Interestingly, they were moving ten times as fast on a bad day. 

Tether- One Of The Most Used Stablecoin Today

According to a report published by Arcane Research, the second-largest stablecoin USDC has been growing at quite an exponential amount over the last year- and could actually overtake Tether in terms of the overall market cap. But the CTO doesn’t seem to be too worried about this possibility and has also pointed out that the growth of USDC has been slowing down in the last month. 

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According to the CTO, the main competitive advantage Tether has is its focus on people that usually have severe difficulties in accessing their financial services. He also mentioned that the company is usually perceived as a tool for freedom- a solution that would be helping every single individual. It was not a tool that was created for banks or Wall Street- but for the everyday man. Now, while USDC has been gaining a reputation of being somewhat more transparent as well as more regulated than Tether, the CTO has been considering this as a false narrative. 

The rapid development of CBDCs isn’t really going to make stablecoins like Tether irrelevant- as reported by the CTO. He also believes that one of the reasons why people were so excitable about public blockchains has been the programmability associated with them.

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