Tether accounts for a huge percentage of transactions and is taking on Bitcoin and Ethereum in a variety of ways
The latest data from analytics providers suggest that cumulative Tether transaction volume has just surpassed $600 billion as it begins to dominate crypto exchange trading.
On-chain analytics provider Glassnode has revealed that Tether transaction volume increased by around 20% over the past 30 days to reach that new cumulative milestone.
Cumulative $USDT Transaction Volume just went above 600,000,000,000 USDT.Current value: 600,000,880,895 USDTView metric:https://t.co/az0Gbp07tR pic.twitter.com/LMzh9hqFGG— glassnode alerts (@glassnodealerts) October 14, 2020
It should be noted, however, that this is a cumulative figure and not the daily transaction volume which is closer to $35 billion according to an average from Coingecko and Coinmarketcap.
The same two analytics providers report Bitcoin’s daily transaction volume at between $20 and $25 billion which gives Tether a clear lead for this metric.
In terms of supply, USDT has grown by almost 300% since the beginning of this year when there were just 4 billion in circulation.
