The Tether Transparency report showed Tether’s continuous growth in terms of supply. The report revealed that USDT’s supply has now exceeded $13 billion.
As of the 20th of August, Tether has surpassed Bitcoin and PayPal in average daily transfer value. This recent development happened after months of USDT’s rapid growth. The world’s most popular stablecoin did not only grow in its daily transfer, but it also increased its supply volume.
According to a report by CoinMetrics, Tether surpassed Bitcoin by about 20% in its 7-day average adjusted transfer value. The report revealed that the value reached over $3.55 billion, while Bitcoin was at $2.94 billion. Referring to the recent increase in the use of Tether, the report said:
“…stablecoins are increasingly being used in popular DeFi applications like Uniswap and Curve, both of which likely played a role in Tether’s recent surge.”
Tether Soars in Daily Transfer Value
Recently, economist John Paul Koning also commented on the increase of Tether’s daily transfer value. In a tweet, he noted that PayPal reached “just $2.94 billion per day” in Q2 2020.
In addition, the Tether Transparency report showed Tether’s continuous growth in terms of supply. The report revealed that USDT’s supply has now exceeded $13 billion. Since the beginning of January, Tether’s supply has climbed 225%, and a CryptoGlobe report noted that 2020 might be a good one for Tether.
Furthermore, Tether also commented on the recent development. In a 24th of August tweet, Tether Limited pointed out the drive behind the increases:
“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.”
The tweet also added that Tether could be advantageous in global markets, which will help the markets operate more smoothly, leveraging blockchain technology. Furthermore, Tether Limited said its coin is built for the future of business and innovations.
Bitfinex CTO Paolo Ardoino, supports Tether’s growth and showed his confidence in a recent tweet. He referred to 2020 as the “year of Tether.” He is also optimistic that the coin is approaching over 20 billion.
Tether Expands to More Networks
Recently, Tether announced that USDT will be expanding to a new platform in addition to Ethereum, the Omni protocol, and others. The announcement also revealed that Tether (USDT) is now live on the OMG Network. Following this integration, CoinMetrics reported that the daily active addresses of OMG Network have climbed to its highest since August 2018.
On the 1st of June, Cointelegraph also reported that Tether integrated with OMG Network to reduce traffic on Ethereum. With the integration, Ardoino added that USDT will be more effective, as the transaction load will spread away from Ethereum. The CTO also said the OMG-based USDT will be available to traders through Bitfinex.
Currently, Tether is the 4th largest asset, with a market capitalization of $10,008,792,55.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
