Glassnode, a prominent on-chain analytics firm, has just revealed data about an increase in Tether transaction volume. According to the data, over the past 30 days, Tether transaction volume was increased by around 20% and achieved a new milestone.
Tether will now be dominating the whole crypto exchange trading as the transaction volume just surpassed the $600 billion mark.
Even though there has been a huge increase in the transaction volume, according to Coingecko and CoinMarketCap, this is not a daily transaction volume of Tether. Tether trading volume on a daily basis is around $35 billion at the moment. They also revealed that Bitcoin’s daily transaction volume is somewhat lower than Tether’s as it is around $20-25 billion. This clearly shows that Tether is dominating the crypto exchange trading at present time.
Tether Transparency report has claimed that the supply of Tether has increased as currently there is around $16 billion of them in circulation. This indicates that since the starting of this year, the supply has increased by around 300% as it was at $4 billion before.
This year has been quite challenging for the whole financial market including the crypto market as well but it seems that it proved to be quite amazing for Tether. This is because around 70% of the total exchange trading volume consists of USDT pairs. According to a recent report by Bloomberg, the market capitalization of Tether is having the potential to surpass Ethereum’s by 2022. At the present moment, Tether’s market cap is 38% of that of Ethereum’s but it is growing very impressively. Paolo Ardoino, CTO of Tether, has stated that “Tether once again proves itself to be one of the most trusted assets in the crypto space.”