Tether has been a very controversial project in the cryptocurrency industry. Despite those odds, its USDT stablecoin remains one of the top assets on the market.
While first introduced on OMNI, one could also obtain Tether’s currency on Ethereum.
Another Major Milestone for Tether’s USDT
It appears the demand for the ERC20 variant of USDT has increased significantly lately.
The cumulative on-chain volume for Tether’s currency on Ethereum surpassed $100bn earlier this week, according to Glassnode.
Compared to early 2019, this is an increase by over 6,000% in rather quick succession.
Particularly in the past few months have yielded an increasing demand for USDT on Ethereum.
One has to wonder where this sudden demand is coming from, however.
It is certainly true this increase in Ethereum-based volume coincides with the overall increase in USDT supply.
In comparison to the Ethereum-oriented statistics, Omni’s volume seems to be moving up as well.
Yesterday, the OMNI on-chain volume for Tether hit roughly $167m, a 100.2% increase.
There are also a lot more active senders and recipients compared to the day prior.
A while ago, Tether made it clear they would also begin issuing this stablecoin on the Tron network.
Overall, it would appear this stablecoin is not ready to give up its dominant market position just yet.
Despite numerous other pegged currencies launching, none of them even comes close to Tether’s supply or volume.
Although the volume on Ethereum is increasing, it remains to be seen how long this growth can be sustained for.
Ethereum’s network has gotten clogged up by various projects over the years, thus it remains to be seen how Tether will fare in this regard.