Stablecoins, the cryptocurrencies that have their value pegged to a currency, are here to stay. One clear example is Tether (USDT), that emerges as the dominant pairing for three of the four leading cryptocurrencies by market capitalization, according to CryptoCompare.
Let’s look at the numbers.
On the last month, Tether pairings represented more than 67 percent of the total Bitcoin trading, almost 46 percent of the total Ethereum trading and 48 percent of the total Litecoin trading — the first, second and fourth largest cryptocurrencies by market cap.
It was also the second most relevant pairing for XRP (Ripple, the top third cryptocurrency by market capitalization), representing almost 23 percent of its total trading, right after pairing with Bitcoin (Bitcoin) — with nearly 49 percent of the total trading.
And Tether has not been alone in the stablecoin dominance of crypto pairings.
Four of the top 10 Bitcoin pairings by volume have been stablecoins — QC, Paxos Standard Token (PAX) and USD Coin (USDC), besides Tether. And five of the top 10 Ethereum pairings have been stablecoins too — besides Tether there is QC, BITCNY, PAX and Dai.
And concerning Ripple and Litecoin stablecoins have emerged also as four of the top 10 pairings by volume for both. In addition to Tether, Ripple has been pairing with QC, OKB e PAX — and Litecoin with QC, TrueUSD (TUSD) and OKB.