Tether has become a favorite asset for investors as it provides a safe way to enter and leave cryptocurrency markets. In average daily transfer value, Tether surpasses leading digital asset Bitcoin.
The new research conducted by CoinMetrics shows that USDT has exceeded BTC and even PayPal in average daily transfer value. According to the report, Tether reaches above $3.55 billion by August 20 in a seven-day average transfer value. When we compare USDT with Bitcoin, Tether is up 20% as Bitcoin’s value has touched $2.94 billion only.
Since the last six months, Tether has shown outstanding growth and expansion. The continuous growth of USDT has even outperformed Bitcoin’s daily transfer value behind. The rise of Defi and swapping protocols are also responsible for the Stablecoin’s growth.
According to PayPal’s Q2 report, the daily average transfer value of the payment giant is $2.94 billion which is less than Tether. Economist John Paul Koning compares the values of both Tether and PayPal and finds Tether in the first position.
Growth in Supply
In terms of Supply, USDT also shows exponential growth as it has reached $13 billion, claims the Tether Transparency report. Based on the report, the supply of the world’s top stablecoin has surged by 225% since the start of 2020. Paolo Ardoino, the CTO of Bitfinix, calls 2020 “the year of Tether.” He further claims that the supply of USDT will reach above $20 billion in 2020.
Tether said that people are looking for alternatives to traditional banking in this time of uncertainty. And digital currency is a better alternative due to security, utility, and viability. “Amid these uncertain and challenging times, the utility, security and viability of digital currencies have come to the forefront. People are looking for alternatives to antiquated banking and payment systems. As the biggest, most liquid and technologically innovative,” Tether stated.
Two-thirds of USDT’s transactions happen on Ethereum blockchain which has now become expensive due to the slowing of the network. Tether has become second-largest asset on Ethereum in terms of fees, claims Gas Station.
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