A recent set of data from Coin Metrics suggested that the stablecoin USDT switch locations every eight days on an average. On Jan. 31, according to a tweet from Coin Metrics, the trailing 12-month movement of @Tether_to on Ethereum, Omni and Tron have consistently and rapidly increased since September. Presently, it has remained at ATHs, where each $USDT on average turns over 46 times every year.
Recently, USD Coin and Tether have registered a rise in daily transactions due to their growing popularity among enterprises. Tether, one of the oldest stablecoin operations in the crypto industry, initially developed its USD-pegged token on Omni token layer of Bitcoin. Also, USD token runs as an ERC-20 token on Ethereum’s blockchain.
Many years after its beginning, Tether provided USDT as an added market option on Tron’s blockchain in 2019. At present, all three blockchains have hosted all-time high numbers for USDT transactions, in terms of how frequently each USDT token shifts from the given location.
According to the numbers listed by Coin Metrics, each USDT on the market shifts roughly 46 times per year on average. Taking a year into account, one could conclude that an average USDT moves roughly every eight days. Such change shows that even after several lawsuits, insolvency doubts and questions, the market has been using USDT regularly.
USDT issuer Tether and Bitfinex exchange have been in the spotlight for all the wrong reasons ever since a case of solvency cropped up in 2017. Tether has also been accused of manipulating Bitcoin markets given their dominance in the crypto space. USDT has a market dominance of over 90% in the stablecoin market which makes the probability of their involvement in market manipulation even stronger. Currently, there are 4 lawsuits filed against Bitfinex and Tether.