Tether stablecoin transaction volume reaches $600 billion

by in Cryptocurrency News

Tether

Investments in the stablecoin Tether (USDT) continue to grow: the capitalization of this digital currency already exceeds $ 15 billion.

Analysts from Bloomberg recently published a report predicting that USDT could knock out Ether (ETH) from the second-largest cryptocurrency in 2021.

According to the Glassnode platform, the total volume of transactions with the stablecoin over the past 30 days has grown by 20%, reaching $ 600 billion.

The average daily volume of transactions with this instrument approached $ 35 billion analysts found out. Even Bitcoin is unable to compete with Tether. The amount of transactions with the largest digital currency now ranges from $ 20 billion to $ 25 billion per day.

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USDT supply has grown by over 300% since the beginning of 2020. Stablecoin developers periodically turn on the printing press, as they expect a further increase in demand for this tool.

Investors enter the crypto sphere primarily through Tether. The popularity of this digital currency is growing even against the backdrop of accusations of its developer company for the lack of reserves to provide stablecoin.

Currently, almost 65% of USDT is ERC-20 tokens launched on Ethereum. In January 2020, the capitalization of Tether was about $ 4 billion, now this figure exceeds $ 15.78 billion.