Tether Surpasses Bitcoin and Payment Giant PayPal in Average Daily Transfer Value
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.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.