Bitcoin volume unaffected by Tether’s (USDT) market dominance — Data shows
Tether’s USDT stablecoin dominates crypto market volumes but data shows its $15.7B market cap does not negatively impact Bitcoin’s volume. Tether’s (USDT) stablecoin has been the leading base pair for cryptocurrencies for over eighteen months. This is a rather impressive feat given the ongoing court case with the New York Attorney General and the other frequent rumors that USDT is not sufficiently backed or subject to regulators' reach. USDT has also been the dominant stablecoin in China even though the country banned cryptocurrency exchanges in 2017. This is because large exchanges like....
Related News
The total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-leading coin, USDT’s share of the total circulating supply continues to shrink, data from Coinmetrics shows. According to the data, USDT now accounts for an estimated at 80% of total supply, and the majority of the coins are now issued on the Ethereum and Tron networks. Out of the total supply, the USDT-ETH accounted for approximately 53% while USDT-TRX took just over 20% of USDT’s total circulating supply. On the other hand, USDC, which has a market capitalization of $2.53....
At least on the Ethereum network, USDC real volume has nearly doubled that of USDT in the past 24 hours which could be another sign that the top stablecoin's dominance is coming to an end. USD Coin is taking a run at the title of the top stablecoin in crypto after its daily ‘real volume’ on the Ethereum network doubled that of Tether’s USDT on Tuesday. According to crypto market data tool Messari, Circle’s USDC posted $1.1 billion in daily real volume on the Ethereum network on June 21, which was double USDT’s real volume of $579 million.Messari’s real volume metric is calculated by....
Data shows the top stablecoin USDT has lost some dominance following the collapse of UST. While other coins like USDC and BUSD have observed rather sharp growth. USDT Has Shed Around $10 Billion Reserves After UST’s Collapse A stablecoin is a token whose value is pegged to another currency or commodity. The most popular such […]
In an X (formerly Twitter) thread, Coinbase’s director of product strategy & business operations at Coinbase and on-chain sleuth Conor Grogan has revealed how FTX’s Alameda Research allegedly contributed to Tether’s USDT dominance. Alameda Minted $39.55B of USDT On-chain data gathered by Grogan revealed that the trading firm minted $39.55 Billion worth of USDT, a […]
Bitcoin’s new highs come amid lots of new money pouring in via stablecoins. According to Tether’s official transparency data, the USDT market cap crossed a $17 billion mark for the first time, hitting over $17 billion in total assets.Tether’s market cap has been growing exponentially in 2020. As of mid-September, Tether’s market cap saw nearly a four-fold increase since the beginning of the year, surging above $15 billion from around $4 billion. According to data from crypto analytics firm Messari, USDT saw a notable increase from August 2020 to date. As such, USDT added more than $5....