Being the most stable and liquid stablecoin, Tether is proving itself to be one of the most trusted cryptocurrencies. They are also doing their best further their growth into online commerce and traditional finance.
Paolo Ardoino tweeted: “My take: Aside from Bitcoin, of course, which is the king of all cryptocurrencies, we definitely see Tether as a complement to bitcoin rather than a competitor.”
When commenting about spending an impressive amount of time and energy in pushing Bitcoin forward, Paolo expressed his respect. He also stated it is not something to worry because when it comes to trying to understand crypto, it is like watching a donkey trying to warm a box of noodles in the microwave.
Increasing adoption of stable coins is likely a precursor for central bank digital currencies and promises to be more enduring than alt-coin speculative excesses.
Forbes recently published that the market for stable coins, which are cryptocurrencies pegged to traditional currencies or assets has doubled over the past three months.
Also, a new report has predicted “The largest stable coin, the controversial tether, could become the second most valuable cryptocurrency after bitcoin as soon as next year.”
Mike McGlone, Bloomberg senior commodity strategist expressed, “Tether represents what many of the so-called cryptocurrencies aren’t: a stable form of payment.” He also pointed to how it will takes something significant to stall the increasing adoption of Tether that has been growing rapidly. He also pointed to how Ethereum market cap was stagnant.
Sydney Ifergan, the crypto expert tweeted: “Amazing to see that the total value of Tether has ballooned by 300% in the past 12 months. Obviously, Tether complements Bitcoin.”
Tether did have their fair share of problems and controversies, but despite that they have made it possible to have led the trend of stable coin adoption and therefore have remained well sustained. Increased adoption of stable coins is a promising move for digital assets.
Tether (USDT) Adoption Curves in L2
Tether being in favor of the wider tether community like in terms of helping recover funds has been a great point leading to adoption.
Many times according to Paolo, it’s not the programming language slow, it’s the developer not knowledgeable enough.
One of the users reinstated on how whether we like it or not, L2s that transfer stablecoins are going to have very different adoption curves vs. L2s that don’t transfer stablecoins.
When someone in turn replied that most of the L2 transfers stable coins and on there being no point of an L2 if it is not possible to transfer every asset type.
However, the discussion concluded with a clarification on can or can’t is not the issue, the issue is where they *will* be transferred. And stablecoins will go to the L2s with the best UX; lowest hurdle to entry, most capital efficient, fees payable in stablecoin, SNARK-based privacy or better. Freeze ability/blacklisting also popular.
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