After being enabled on 5th January 2018, Tether USD on the Ethereum blockchain has become the TOP #1 ERC20 token by market cap, trade volume, and the number of token-holders. Learn what is USDT, why Eethereum is a preferable layer to transport Tether, how to trade it and more.
What is Tether USD on the Ethereum Blockchain
Tether USD on the Ethereum Blockchain is an ERC20 token issued on the basis of smart contract: 0xdac17f958d2ee523a2206206994597c13d831ec7.
Token name: Tether USD
Token symbol: USDT
By issuing USDT on Etherum blockchain, the Tether Operations Limited claimed that every tether token is always 100% backed by company reserves. Such reserves may consist of the traditional US Dollars, cash equivalents, and other assets and receivables from loans made by Tether to third parties, which may include affiliated entities. The Tether company is always ready to convert every 1 USDT to 1 US dollar.
What is Tether USD market cap
Due to the CMC, the total Tether USD market cap is $4,647,908,834 (Rank 5). This amount includes all transport layers where Tether USD circulates. However, the highest impact (around 58.5%) on the market cap comes from the Ethereum blockchain. It makes Tether (ERC20) be the most preferable way of keeping Tether USD among all other layers.
What is Tether USD trade volume
Tether’s USD daily trade volume is around $43M on March 05, 2020. This is the top volume among all other +245,392 ERC20 tokens. Moreover, the 2nd most traded token has just $0.3M (by 143 times lower) daily trade volume. So huge trade volume means great liquidity. So, if you have USDT on Ethereum blockchain you can always sell it easily.
How many people use USDT
The current number of the Tether token-holders can be around +882k.
However, because one person may have many wallets, you should look at the number of unique USDT senders. As you can see below, more and more people on different exchanges are starting to use Tether on the ERC20 layer. This is because Ethereum blockchain provides the most user-friendly way to accept and send US Dollars value that Tether USDT contains.
What are the transport layers for Tether USD
There are five layers enabled for Tether USD which you can use to transfer (transport) your Tether. If you want to deposit and withdraw Tether USD or use it for buying and selling cryptocurrencies, always double-check what transport layer is going to be used by an exchange. According to the Tether website, the Ethereum blockchain is the most usable layer for USDT. It supports 56% of the total Tether USD circulation.
Tether USD: ERC20 vs Omni
Omnilayer is the second popular layer for Tether transferring. The Omnilayer (Omni) is a decentralized asset platform based on the Bitcoin blockchain. Tether enabled on Omnilayer works like Ethereum and its tokens. However, you get four advantages when using Tether USD on Ethereum instead of Omnilayer:
- Better compatibility with user-friendly wallets
- Acceptability on most of the exchanges
- Reduced network fees to transfer Tether
- Faster withdrawing because of the short (15 seconds) Ethereum block confirmations.