Tether volume hits $600B as it attempts to take on Bitcoin as crypto’s benchmark

Tether volume hits $600B as it attempts to take on Bitcoin as crypto’s benchmark


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 USDT

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View 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. Today, that figure is just below $16

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