Market capitalization of Tether (USDT) topped $13 billion. The seven‑day moving average of transfer value in the leading stablecoin stood at $3.55 billion, versus $2.94 billion for Bitcoin. The main factor behind the leadership switch in the pair was the surge in DeFi protocol usage, отметили аналитики Coinmetrics.
Данные: Coinmetrics.
On August 21, the supply of USDT surpassed $13 billion in 1:1 dollar‑pegged coins. On June 1 the figure was below $10 billion, and on March 1 – below $5 billion.
Data: Coinmetrics
Researchers noted a rise in the number of active addresses on OMG Network, the Ethereum scaling solution, to the highest level since August 2018. They linked such a jump to the issuer to issue the stablecoin on this sidechain.
In June, Tether’s chief technical officer Paolo Ardoino expressed interest in moving USDT from Ethereum to OMG Network as its beta-testing began. He expects lower costs, higher throughput, and reduced pressure on the main chain.
What is Tether (USDT)?
Economist John Paul Koning also noted the growing influence of USDT. He compared the daily transfer value reported by Coinmetrics for Tether at $3.55 billion with PayPal’s $2.55 billion in the second‑quarter report.
Tether is now doing $3.55 billion in daily transfer value: https://t.co/CpW34wL3jA via @coinmetrics
Not bad. In Q2 2020, @PayPal did just $2.94 billion per day: https://t.co/kD3Bt9BEYF pic.twitter.com/uxaagM9pXU
— John Paul Koning (@jp_koning) August 25, 2020
SAccording to сайту Tether, the total circulating supply of USDT stands at $13.18 billion, of which $8.62 billion has been issued on the Ethereum blockchain. On August 20 the issuer moved 1 billion tokens to this network from the TRON blockchain.
По данным EthGasStation, Tether ranks second by the volume of fees paid by assets on the Ethereum network, at $10.2 million over the last 30 days.
В Tether отметили, что активная эмиссия монет обусловлена стремлением инвесторов найти альтернативу устаревшим банковским и платежным системам, которую они обретают в USDT.
Analysts at Chainalysis estimated the volume of funds sent over the year from East Asian wallets to other regions at $50 billion. The stablecoins surpassed Bitcoin in popularity among regional traders.
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