USDT from Tether is a dominant stablecoin.  Almost, every digital currency that has a market value is paired with it in the exchanges.  Initially, USDT was minted on the Omni Layer Network and in several blockchains, but as of 2021 it is available in several other blockchains like Ethereum, Tron, Bitcoin Cash, EOS, Liquid, Solana, and Algorand.

It was not uncommon to see an increased number of transactions taking place for the ERC20 standard based Tether. However, in 2021, it is noted that the USDT transactions which are originating from the TRON network is more. Thus, TRON USDT has been outperforming ERC20 based USDT.

Despite the numbers of transactions of TRON being higher than ERC20, whether by virtue of being the first comer for USDT, ERC20 USDTs is still twice more valuable when it comes to settlement. The migration of USDT to TRON is due to the spiking transaction fees on Ethereum. The transfer costs on TRON are low.

There is a widespread belief that Tether is moving the market for Bitcoin; however, Michael Saylor, the CEO of Microstrategy maintained his belief towards Bitcoin and stated, Tether was totally irrelevant considering how the corporate investment in Bitcoin actually works.

Micheal Saylor pointed to how he purchased his Bitcoin by simply sending cash to a regulated exchange. After that he sent the BTC straight to the cold storage.  In terms of the grand scheme of things, he stated that Tether is not relevant and that now many of them are really using it.

Corporate investors have hoards of hot cash and they buy Bitcoin with no problem.  All they need to do is to pay and buy Bitcoin. 

Stablecoins become important for exchanges to provide for offshore settlements.

Also, it is important to recollect the sworn affidavit from Tether that at best each USDT is backed at a rate of 74%, and not even necessarily by pure U.S. dollars! Also, Law Suits and regulatory investigations keep peeling the Tether story one after the other.  The outcome of Legal actions looks like it will never come out and until then good time for all – whether Tether or Ripple.

Tether (USDT) Believers

However, many of them strongly believe that shutting down Tether will have a disastrous effect on the entire cryptocurrency market, which obviously is an over broad idea.  All of these opinions about Tether are because of the fact that it serves as a major on-ramp for inflow of Bitcoin. There are opinions, which state that Tether is the lifeline for the survival of the cryptocurrency exchange.