Tether’s average daily transfer value has exceeded that of Bitcoin and PayPalaccording to recent research.
A report from CoinMetrics revealed this Tether’s average adjusted transfer value for 7 days reached over $ 3.55 billion on August 20. That’s about 20% more than Bitcoin, which research found was at $ 2.94 billion.
The transfer value of Tether and Bitcoin. Source: CoinMetrics
After six months of rapid growth, the average daily value of transfers is in USDT finally he flipped bitcoinas it takes more and more market share from on-chain transfers. The recent surge in tether usage has been driven by DeFi and token exchange protocols like Uniswap.
The economist John Paul Koning also noted that According to PayPal’s Q2 report, the online payments giant’s daily average money transfer was also below $ 2.94 billion from Tether..
Tether currently has a daily transfer value of $ 3.55 billion: https://t.co/CpW34wL3jA via @coinmetrics
– John Paul Koning (@jp_koning) August 25, 2020
However, actively monitored transactions for PayPal and Tether transactionslargely anonymous, may not provide a fair comparison.
The world’s most popular stablecoin has also grown exponentially in terms of supply this year., which has exceeded USD 13,000 million, according to the Tether Transparency report. Since the beginning of 2020, the supply of tether has increased by 225% and shows little sign of slowing down. Bitfinex CTO Paolo Ardoino was confident the offer could reach $ 20 billion this year:
2020, the year of Tether.
The way to 20 billion and more. https://t.co/wiacp4RkeB
– Paolo Ardoino (@paoloardoino) August 24, 2020
Tether attributed the growth to the current economic climate, tweet that people are moving away from archaic payment methods. “In the midst of these uncertain and challenging times, the usefulness, security and viability of digital currencies have come to the fore,” he said. “People are looking for alternatives to the outdated banking and payment systems.”
About two-thirds of all USDT are currently used in Ethereum, which has slowed the network down and made it more expensive to use.. According to the gas station, Tether is the second highest tariff source on the network with gas consumption of $ 8.6 million in the last thirty days.
The steady rise in fees for using Ethereum has led Tether to shift some of its offering to faster networks like the OMG Network Layer 2 solution and the EOS and Tron blockchains.