Tether, a blockchain-enabled platform that powers the largest stablecoin, has surpassed USD5 billion in market capitalisation.The importance of Tether (USDt) is growing as the stablecoin performs an increasingly vital function within the digital asset ecosystem. Notably, USDt is playing an increasingly important role in the nascent decentralised finance (DeFi) space where it brings a vast amount of liquidity.

“USDt is increasingly deployed across an array of projects poised to sweep through the financial system over the next five to 10 years,” says Paolo Ardoino, CTO at Tether. “We’re proud that it has breached the USD5 billion mark with USDt manifestly so well supported within the digital asset ecosystem.”

USDt’s total market capitalisation has more than doubled from about USD2 billion in February 2019 to reach USD5 billion today. Tether works across a diversity of different blockchains, including Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.