Ethereum already records 18 % of all Tether transactions
- The active addresses of USDT in Ethereum went from 1 % to 21 % in 3 months.
- The cryptocurrency anchored to the dollar is also integrated into the Tron and EOS platforms.
According to the statistics of the data provider Coin Metrics, Tether (USDT) transactions register a significant increase in the Ethereum platform, reaching almost 20 % of the total transactions with this cryptocurrency during the month of June.
This increase is offset by a decline in the activity of the dollar-anchored cryptocurrency (stablecoin) in the Omni Layer protocol (de Bitcoin), where the USDT was initially issued, as explained by CoinMetrics in a report published on 11 June.
The situation is illustrated in a graph that shows the stablecoin's participation in the market of both platforms, through the percentage of transactions that have been carried out in each of them for the last three months. At the beginning of March, 100% of transactions were executed on Omni.
The percentage of USDT transactions falls on Omni, while growing on Ethereum.
Transactions in Omni began to decline steadily. By 9 June, 82,74 % of all Tether transactions were sent from this platform. At the same time, operations in Ethereum started to rise from March to almost 20%. By now, 17.26% of transactions are sent in USDT-ETH.
A similar situation arises concerning active addresses on both platforms. The report notes that three months ago, only 1% of active USDT addresses were in USDT-ETH. Today, this percentage of active addresses has risen to 21%.
The active addresses of USDT in Ethereum rise to 21 % in Ethereum and fall to less than 80 % in Bitcoin.
Operations with the stablecoin in the Ethererum blockchain are executed through an ERC-20 token. The integration of this token to the network aimed to facilitate the transfer of tokenized dollars and euros and allow operations with protocols based on Ethereum and decentralized applications (DApps), as explained by the company at the time of launch.
USDT has also been marketed on the Tron platform since April 16, when it was announced that a USDT-TRON TRC20 token would be hosted. The cryptocurrency is integrated into the EOS network last May, according to statements by Bitfinex technical director Paolo Ardoino, who added that there are plans to launch Tether on Lightning Network's micropayment network by the end of this year.
USDT Trade Rises Despite Demand
It is worth noting that the USDT trade is currently taking place within 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 operating without a license in the US city. Last month the New York Supreme Court ruled that both companies will be able to continue working during the investigation.
Following this ruling, USDT's daily trading volume reached an all-time high on May 20, with the trade of $34.13 billion. Also, a recent analysis by the Diar team reveals that China is the largest trader of cryptocurrency, with about 62% of transactions worldwide so far in the second quarter of 2019.
About The Author
Juan AponteI am an industrial engineer specializing in blockchain. Enthusiast of cryptocurrencies and writing the latest news regarding the Crypto world.
Google Ventures Into Banking And There A...John Kiguru 11:43 AM 18 Nov 2019
Bank Of America Closes Tron CEO's Accoun...Sandeep Kumar Mishra 11:40 AM 18 Nov 2019
Velas Pioneers Wave of Blockchain Master...Richard M Adrian 11:25 AM 18 Nov 2019
Institute of International Finance State...Richard M Adrian 11:09 AM 18 Nov 2019
Why did Protestors Set Fire on Iranian C...Richard M Adrian 11:03 AM 18 Nov 2019
Lolli’s Response to Alibaba’s Denial...Richard M Adrian 12:26 PM 18 Nov 2019
ProtonMail Reveals Massive Bitcoin Depos...Olowo 12:23 PM 18 Nov 2019