{"id":90494,"date":"2020-10-16T06:12:15","date_gmt":"2020-10-16T03:12:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tether-volume-hits-600b-as-it-attempts-to-take-on-bitcoin-as-cryptos-benchmark\/"},"modified":"2020-10-16T06:12:15","modified_gmt":"2020-10-16T03:12:15","slug":"tether-volume-hits-600b-as-it-attempts-to-take-on-bitcoin-as-cryptos-benchmark","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tether-volume-hits-600b-as-it-attempts-to-take-on-bitcoin-as-cryptos-benchmark\/","title":{"rendered":"# Tether volume hits $600B as it attempts to take on Bitcoin as crypto\u2019s benchmark"},"content":{"rendered":"

“# Tether volume hits $600B as it attempts to take on Bitcoin as crypto\u2019s benchmark <\/strong>”
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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.<\/p>\n

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.<\/p>\n

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Cumulative $USDT<\/a> Transaction Volume just went above 600,000,000,000 USDT.<\/p>\n

Current value: 600,000,880,895 USDT<\/p>\n

View metric:https:\/\/t.co\/az0Gbp07tR<\/a> pic.twitter.com\/LMzh9hqFGG<\/a><\/p>\n

\u2014 glassnode alerts (@glassnodealerts) October 14, 2020<\/a><\/p><\/blockquote>\n

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.<\/p>\n

The same two analytics providers report Bitcoin\u2019s daily transaction volume at between $20 and $25 billion which gives Tether a clear lead for this metric.<\/p>\n

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<\/a>. The ERC-20 standard still dominates the USDT supply with almost 65% of all Tether living on the Ethereum blockhom.<\/p>\n

Additionally, analytics provider Skew noted<\/a> that futures contracts based on Tether have now caught up with those based on Bitcoin. It said there was:<\/p>\n

\u201cStrong growth in USDT-margined futures contract this year, now almost on par with BTC-margined contracts on a daily basis,\u201d<\/p><\/blockquote>\n

Other metrics for the world\u2019s most popular stablecoin have also strengthened. Tether only accounted for only a tiny fraction of the trade volume in 2017, with the benchmark Bitcoin commanding over 50% of trades and fiat taking the rest. But in the plague ridden year of 2020, the situation is very different with as much as 70% of exchange trade volume denominated in USDT pairs.<\/p>\n

Earlier this week, it was reported by Bloomberg that Tether\u2019s market capitalization could actually surpass Ethereum\u2019s by 2022. Currently, Tether\u2019s market cap is around 38% of Ethereum\u2019s but further growth for both is expected. In response to the report, Tether CTO Paolo Ardoino stated<\/a>;<\/p>\n

\u201cTether once again proves itself to be one of the most trusted assets in the crypto space.\u201d<\/p><\/blockquote>\n

The stablecoin has achieved a number of major milestones this year, and it has all come during an ongoing court case with the New York Attorney General<\/a> over the backing of the digital dollar. With Tether now interwoven into the fabric of the entire cryptosphere, there\u2019s a lot riding on the outcome of that case. <\/p>\n<\/div>\n