Also, the stablecoin surpasses BTC in popularity in East Asia.
The aggregate volume of daily transactions in August with the most popular stablecoin – Tether (USDT) – surpassed bitcoin. This conclusion was made by CoinMetrics analysts.
Comparison of transaction volumes with Tether and bitcoin
According to the research, the average volume of daily transfers of funds in Tether for 7 days is about $ 3.55 billion. The bitcoin indicator is $ 2.94 billion, which is 20% lower. It is noteworthy that stablecoin also managed to overtake the largest electronic payment system PayPal. According to the company’s report, its users make transfers worth $ 2.94 billion every day.
It is noteworthy that Tether overtakes bitcoin not only in terms of daily transaction volumes. It was previously revealed that stablecoin has surpassed cryptocurrency in popularity in East Asia.
At the time of this writing, USDT is in fourth place in the cryptocurrency capitalization rating of the CoinMarketCap resource (with a result of $ 10,022,678,639).
There are 9 998 221 723 Tethers in circulation (with a total amount of 10 281 372 504 USDT). The project representatives do not exclude that in the future the volume of issued USDT will exceed 20 billion. The graph of Tether’s growth is as follows:
Meanwhile, the volume of transactions with stablecoins in the digital asset market continues to grow. The researchers believe that the popularity of “stable” cryptocurrencies will allow them to enter the path of competition with national cryptocurrencies, including the digital yuan. At the same time, Tether, according to experts, will become one of the main competitors of fiat crypto-versions.