Tether volume hits $600B as it attempts to take on Bitcoin as crypto’s benchmarksteemCreated with Sketch.

in news •  4 years ago 

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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. Today, that figure is just below $16 billion according to the Tether Transparency report. The ERC-20 standard still dominates the USDT supply with almost 65% of all Tether living on the Ethereum blockhom.

Additionally, analytics provider Skew noted that futures contracts based on Tether have now caught up with those based on Bitcoin.

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