Despite the difficulties faced by the oldest stablecoin, Tether processed higher amounts in 2022 than payment giants Visa and Mastercard. Although the market conditions have not been ideal throughout last year, $18.2 trillion were processed by Tether, compared to $14.1 trillion and $7.7 trillion for Visa and Mastercard respectively.
2022 Settlement Volume pic.twitter.com/k87FrknKr4
— Tether (@Tether_to) January 14, 2023
This goes to show that adoption of stablecoins is increasing. The collapse of Terra and FTX caused trouble for the biggest stablecoin in terms of market cap. USDT lost its peg to the U.S. dollar at some point, and there were concerns over the solvency of USDT.