Statistics can often tell a very unique tale regarding the cryptocurrency industry. Ethereum, sometimes referred to as a potential Bitcoin killer, has carved out its own successes over the years. When it comes to the USDT stablecoin’s volume, the current trend looks extremely bullish.
USDT on Ethereum Keeps Growing
Of the many different stablecoins in the cryptocurrency industry today, the leader is clearly Tether’s USDT. It is a digital token pegged to the US Dollar and supported by all major exchanges worldwide. For traders,it is a great way to rebalance a portfolio quickly without having to rely on Bitcoin-based trading pairs.
Since its inception, the USDT asset has been issued across multiple blockchains. Initially only OMNI mattered, but that seemed to hamper the stablecoin’s growth and potential a bit. Issuing a similar asset on other blockchains such as Ethereum and TRON has proven to be a smart business decision.
Speaking of which, the USDT transfer volume on Ethereum continues to rise at a quick pace. Up until May of 2019, there was just $103 million in overall volume per week. Not a bad figure, but nothing overly impressive either. At the time, many wonder if Tether had made a wrong decision.
Looking at the statistics today, things have certainly gotten more interesting. The weekly USDT transfer volume on Ethereum currently sits at $1.437 billion. This is not an all-time high, as that was recorded on March 19th. At that time, the weekly volume was recorded at $1.567 billion, It is not unlikely that this level will be reached again later this year.
The core statistic is how the total USDT transaction volume on Ethereum has now surpassed $300 billion. It is a very strong increase, as the year 2020 has contributed $170 billion so far. It is a matter of time until the $250 billion mark for the year 2020 is achieved.
Tether Remains in Third Place
Looking over the cryptocurrencies ranked by market cap, Tether’s USDT remains firmly in third place. It is now valued at over $9.56 billion, with a daily volume of over $7.3 billion. It generates nearly as much trading volume as Bitcoin and Ethereum combined.
More importantly, its “lead” over XRP in terms of market cap continues to widen. At the time of writing, XRP is valued at $8.51 billion, putting it over $1 billion behind Tether. No other currencies come even close to these figures, and it seems unlikely that this will change in the near future.
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