Tether has proven to be a very popular stablecoin in the cryptocurrency. It is also making Bitfinex a ton of money, and will likely continue to do so for some time to come.
With a market cap of $4.655 billion at the time of writing, Tether remains incredibly popular.
Tether is a Cha-Ching Machine
It is the most commonly used asset to trade in the cryptocurrency industry.
Given how this currency came to light with the help of Bitfinex and its team, it has worked out for all parties involved, so far.
Contrary to what most expected at first, Tether’s USDT is found on all major and most smaller trading platforms today.
None of the other stablecoins comes even close in terms of market cap, usage, or popularity.
This is despite there being plenty of controversy surrounding this asset, as well as a few battles in court.
For Bitfinex, Tether is one of the main money drivers.
That is a good thing, as it shows the market was ready for such a stablecoin to be created.
Now that USDT is also part of the DeFi ecosystem with relatively appealing returns, the asset will become eve more popular.
The bigger question is when USDT will finally face some stiff competition in this industry.