Tether has never been so popular. A quick glance at the Coinmarketcap data shows this, the 24-hour trading volume of USDT (Tether denominated in U.S. dollars) exceeds that of Bitcoin and Ethereum combined.
Users of old stablecoins show no signs of shrinking
Slow lawsuit New York Attorney General Among many other criticisms, the fraud and market manipulation of Tether’s parent company iFinex has not even eliminated traders’ interest in the most popular stablecoin.
Competition is getting fiercer
Of course, despite the existence of competitive stablecoins, none of them can effectively slow down the development momentum of Tether. Take Circle as an example. It issued competitive dollar coins. In addition to having a monthly reserve certificate from the accounting firm Grant Thornton, it also has a more transparent issuance process.
However, even with these improved protection measures, and the inflow has increased 10 times in the past 12 months, its market value still only accounts for more than 20% of Tether’s total.In addition, USDC’s 24-hour turnover is also considerable, compared to the US$2 billion turnover that Tether often exceeds. 100 billion USD per day.
These figures show the amazing role of Tether in the liquidity of the cryptocurrency market.Its users are very clever and recent data highlights how traders are increasingly using it Tether issued by Tron is relative to Tether issued by ERC-20.
Usage shows no signs of slowing down
A quick look at the key points for USDT wallet holders 2.4 million holders on the Ethereum chain There is still one Tron exceeds 1.8 million.
Interestingly Tron Given its more competitive fee structure, it is already far ahead in Tether transactions. Since the beginning of 2021, the number of Ethereum transactions processed by Tron per day has exceeded that of Ethereum, which reflects that while the rapid increase in the price of Ethereum has led to an increase in transaction costs, Tether’s cost structure is more affordable.
Although the USD transaction volume of Tether processed by Ethereum is more than twice that of Tron’s smaller transaction volume, Tron users can seamlessly move Tether through the network A few Compared with the cost of Ethereum, the cost of Ethereum rose by more than $6.
This development may trigger Tether to take more actions to expand to other chains to align transaction costs with more affordable chains such as Tron. Nonetheless, the fascinating appeal of DeFi may make Ethereum’s comparative advantage too large to challenge.
Do you see stablecoins in general, and the future of Tether in particular? Tell us what you think in the comments section below.
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