According to the data obtained, Tether (USDT) outstripped Bitcoin (BTC) in terms of daily transaction value. According to Messari data, while the daily transaction volume of Bitcoin is close to $ 1.5 billion, Tether’s volume is close to $ 2.5 billion.
The monetary base of all stablecoins rose from $ 3.8 billion in the second quarter to over $ 12 billion. As previously reported, Tether’s circulating supply officially exceeded $ 10 billion on July 15. Apart from Tether, there are only two cryptocurrencies (Bitcoin and Ethereum) with a ten-digit market value.
USDT surpassed Bitcoin last month in terms of adjusted daily trading volume. In April 2019, the cryptocurrency leader BTC also laid the groundwork for its rival, which was fixed to the dollar in terms of dollar trading volume.
Increased More Than 10 Times
Tether has seen more than a tenfold increase since the peak of the previous bull market over the past few years. USDT is mainly known for its use by traders to get rid of volatility during market declines.
The most popular cryptocurrency is widely used by Chinese traders to circumvent the country’s tight capital controls. However, the firm’s co-founder, NicCarter, believes that Tether’s sovereignty does not threaten the benefit of Bitcoin and other cryptocurrencies.
Central Structures Are Being Discussed
Tether, whose fame is combined with bankruptcy rumors and numerous cases, blacklisted Ethereum addresses with Circle. While this required action to prevent bad actors from accessing poorly earned funds, it started a discussion about the central structure of stable money.