Tether (USDT), the giant name of the crypto money market, has succeeded in surpassing Bitcoin and PayPal. According to the studies of Coin Metrics, the total value of the transactions made with USDT in the last 7 days is more than the total value of the transactions in the Bitcoin network.
The market value of Tether (USDT), the undisputed leader of the fixedcoin world, has risen by several billion dollars this year to as much as $ 12 billion. As the number of people using fixedcoins increases and people turn to DeFi projects, the use of USDT is increasingly common. According to Coin Metrics’ research, USDT managed to overtake Bitcoin as a result of all these developments.
Overtakes Bitcoin and PayPal
According to the report published by Coin Metrics, Tether (USDT) broke new ground on August 20. Coin Metrics, which produces 7-day averages of USDT and Bitcoin transactions; As a result of this research, the total value of USDT transactions is $ 3.55 billion; He found that the total value of Bitcoin transactions was $ 2.94 billion. This indicates that the dollar equivalent of USDT transactions is greater than the dollar equivalent of transactions on the Bitcoin network.
With the proliferation of USDT transactions, Tether surpassed only Bitcoin, but also PayPal. Economist John Paul Koning shared a post on his social media account and stated that PayPal mediated $ 2.94 billion daily transactions in the second quarter; He emphasized that Tether exceeded this number by reaching $ 3.55 billion.
A few billion dollars in a few months
Located on different platforms such as Ethereum, Tron, Omni, USDT; It has really grown significantly over the past few months. The market value of USDT is $ 5 billion in March 2020; In June 2020, it was less than $ 10 billion. This number has reached the level of 13 billion dollars today.
According to the assessment of the Coin Metrics team, one of the main things that allowed USDT to grow so much in such a short period of time was developments in the DeFi industry. Drawing attention to the use of fixedcoin in platforms such as Uniswap and Curve, Coin Metrics states that the use of USDT has become widespread thanks to such platforms.