On-chain blockchain analytics data provider Glassnode revealed that the tether surpasses $600 billion transaction volume on Ethereum increased by around 20 percent over the past month to reach that new cumulative milestone.
However, this is a cumulative figure and not the daily transaction volume that currently stands at $35 billion, according to an average from Coingecko and Coinmarketcap.
Paolo Ardoino, CTO at Tether said:
“Tether once again proves itself to be one of the most trusted assets in the crypto space. The important role of Tether in the digital asset ecosystem is further underlined by these Glassnode findings. If you were to add tether’s usage on other chains such as Tron, Omni, and Algorand, the headline figure would still be high. We’re gratified by the community trust placed in Tether and inspired by how it is powering incredible innovation in crypto.”
The Tether can work in diverse blockchain platforms such as Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, and Tron. While continue working towards supporting more ventures and innovation in the industry.
USDT supply has increased by almost 300% since 2020, wherein only 4 billion USDT were in circulation at the beginning of the year. According to the Tether Transparency report, the stablecoin-valued cryptocurrency stands just below $16 billion with almost 65% of Tether on the Ethereum blockchain.
USDT as a stablecoin is growing into popularity within the digital asset ecosystem. Various spot exchanges are now denominating trading pairs in tether rather than Bitcoin. The use of stablecoin has increased in remittances services and the decentralized finance (DeFi) space.
The stablecoin has achieved major milestones this year, especially during an ongoing court case with the New York Attorney General over the backing of the digital dollar. Currently, Tether’s market cap is around 38% of Ethereum, but further growth is expected.