Tether volume hits $ 600 billion as it competes with Bitcoin’s dominance

The latest data from analytics providers suggest this Tether’s cumulative transaction volume just exceeded $ 600 billionas a cryptocurrency, trading begins to dominate.

The on-chain analytics provider Glass knot revealed that Tether’s transaction volume increased roughly 20% in the past 30 days to meet this new cumulative milestone.

However, It should be noted that this is a cumulative number and not the daily transaction volume That’s closer to $ 35 billion based on an average of Coingecko Y. Coinmarketcap.

Tether volume hits $ 600 billion as it competes with Bitcoin’s dominance
Tether volume hits $ 600 billion as it competes with Bitcoin’s dominance

The same two analytics providers report this Bitcoin’s daily transaction volume is between $ 20 billion and $ 25 billionThis gives Tether a clear advantage for this metric.

Regarding the offer, USDT has grown nearly 300% since the beginning of this year, when only 4 billion were in circulation. Today it’s just under $ 16 billion, according to the report. Tether Transpareny. The ERC-20 standard continues to dominate the USDT offer, as almost 65% of all Tethers live on the Ethereum block hom.

Also the analytics provider Aslant he showed What Tether-based futures contracts have now caught up with Bitcoin-based ones. He said there was:

“Strong growth in USDT margin futures contracts this year, now almost at the level of daily BTC margin contracts”

Other metrics for the world’s most popular stablecoin have also improved. Tether accounted for only a small part of the trading volume in 2017The benchmark Bitcoin commands more than 50% of the exchanges and Fiat takes over the rest. In 2020, however, the situation is very different. with up to 70% of the trading volume in USDT pairs.

Earlier this week Bloomberg He reported that Tether’s market capitalization could exceed Ethereum’s by 2022. Currently, USDT’s market capitalization is around 38% that of Ethereum, but further growth is expected for both. In response to the report, the Tether CTO, Paolo Ardoino, explained;;

“Tether is once again proving to be one of the most trusted assets in the crypto space.”

The stablecoin has reached a number of key milestones this year, all of which were reached during an ongoing lawsuit with the New York attorney general over support for the digital dollar. With Tether now woven into the fabric of the entire cryptosphere, much is at stake in this case.

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