Tether Sets the Highest Mark of 2 B USDT in One Week

by in Cryptocurrency News

Tether issued 2B USDT in a week

Tether issued 2 B dollar-pegged tokens last week, which is a record amount. More than 24.6 B tethers now are distributed over Ethereum, Tron, and Bitcoin blockchain Omni Layer. $14,34 B is running on Ethereum, $9 B on Thron.

Related: The total value locked in DeFi approaches $22B

One year ago the sum was only 4.8 billion.

Chief Technology Officer at Tether Paolo Ardoino believes that the major USDT supply growth is connected with large institutional investments in Bitcoin. To buy the cryptocurrency, companies often turn to over-the-counter platforms. This causes stablecoin's demand growth.

It's worth mentioning that transaction volumes for markets quoted in USDT carry on beating BTC-quoted sets. This is another factor influencing Tether's creation increase.

Yesterday Tether announced releasing on Hermez, an Eth Layer 2 scaling network that practices ZK-Rollups. The layer two system uses the technique of zero-knowledge proofs, which completes calculations off-chain and provides confirmation. According to the technical lead at Hermez Jordi Baylina, the release is planned for middle February.