<ul>
 	<li>China's bureaux de change handle more than USD 10 billion in USDT transactions.</li>
 	<li>The U.S. accounts for 3% of stablecoin's traded volumes in the second quarter.</li>
</ul>
A recent analysis by the Diar team reveals that China is the largest trader of Tether (USDT), a cryptocurrency anchored to the price of the dollar. About 62% of USDT transactions worldwide so far in the second quarter of 2019 could have been made through that country's exchange houses.

According to the<a href="https://diar.co/volume-3-issue-17/"> report</a> released on June 3, China's bureaux de change handle more than USD 10 billion in USDT transactions, while the United States, on the other hand, records the only USD 450 million traded, representing 3% of known volumes during 2019. Based on Chainalysis data, the Diar team adds that even a single BTC/USDT trade on unregulated platforms in China occupies an essential place in the exchange of cryptocurrency worldwide.

This is a trend that has been present since 2018, according to Diar charts, because while for the first quarter of last year only 28% of Tether transactions worldwide were recorded in exchange houses in China, for the first quarter of 2019 that percentage rose to 56%.

In this sense, the analysis shows a decrease in the participation of leading global exchange platforms, such as Binance and Bitfinex, reporting this year 31% of the activity with stablecoin, in contrast with 47% reported in both 2017 and 2018. This situation is also reflected in the U.S.-based cryptostocks, whose share in the demand/negotiation of USDT went from 39% at the end of 2017, to less than 10% at the end of 2018, and less than 5% in 2019.

The research team emphasizes that transfers through USDT exchange houses have increased in 2019, in line with reported trading volumes.

As for the nature of the movements, Diar indicates that the fact that a similar amount is observed between the reported volume and the Tether chain records in various regions of the world suggests that the numbers reflect the actual trading activity.

However, the report made mention of a study conducted by Bitwise, which when evaluating some 81 exchange houses found that between 85% and 95% of the volume of transactions with cryptocurrencies is false, given that only 10 of the platforms studied have real buying and selling volumes.

"However, considering the billions of tethers moved in the chain in China, which rise above the transactional value of the world market and the U.S., it is likely that Bitwise's estimate is far from the mark, possibly by magnitudes".

Diar.
Legal action has not affected trade
It is worth mentioning that this volume of stablecoin trade is presented in the framework of a lawsuit filed last April by the New York Public Prosecutor's Office, accusing Bitfinex and its affiliate Tether of having used client funds to mask losses of USD 850 million and operate without a license in the United States city.

Last month the New York Supreme Court ruled that both companies will be able to continue operating during the investigation against them. Following this ruling, USDT's daily trading volume reached an all-time high on May 20, with a trade of $34.13 billion. The fact that pieces of evidence that the demand did not affect the commercial activities linked to the cryptocurrency.

Chinese cryptocurrencies stock exchanges operate 60% of the Tether trade worldwide

I am an industrial engineer specializing in blockchain. Enthusiast of cryptocurrencies and writing the latest news regarding the Crypto world.

Chinese cryptocurrencies stock exchanges operate 60% of the Tether trade worldwide

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