Tether (USDT) transaction volume goes up to $600 billion

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 16, 2020
  • Tether's transaction volume has recently made a new record by surpassing $600 billion.
  • The coin has seen major growth in all fields in the last few years, and particularly in 2020.
  • Many have noticed this growth, and they consider it to be Tether's challenge to BTC and ETH.

Tether (USDT) has been the world’s largest stablecoin for years now, but over the last year, it managed to climb quite high. It currently stands as the world’s third-largest crypto based on market cap, and its most recent milestone includes surpassing $600 billion in volume.

Tether exceeds $600 billion in volume

Latest Glassnode data confirmed via Twitter that USDT has seen a massive increase in its transaction volume. As mentioned, the volume broke through the roof by going all the way up to $600 billion.

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This represents a 20% increase which the project saw in the last 30 days, which allowed it to make a new record.

One thing to keep in mind is that this is not Tether’s daily volume, but rather a cumulative figure. That number is much lower, sitting at an average of $35 billion, although this amount is quite massive for a single crypto in its own right.

It certainly exceeds Bitcoin’s volume, which varies between $20 and $25 billion. In other words, Tether is still quite a bit ahead of the world’s largest cryptocurrency when it comes to volume.

Tether is growing in other areas, as well

Another thing to note regarding USDT is that its supply has gone up by 300% in 2020. At the beginning of the year, Tether had less than $4 billion in circulation. This continued for months, reaching even August 2020. Right now, it is closing in on $16 billion, as the demand continues to grow.

Most of it is located on Ethereum’s blockchain, meaning that the ERC-20 version of Tether is still the most dominant one.

Another detail regarding Tether is that it is now almost Bitcoin’s equal when it comes to futures contracts. This was reported by the analytics provider, Skew, which noted that USDT-based futures saw a sharp growth this year.

That is still not all, as USDT continues to see new the improvement of other metrics. For example, it is ruling the exchange trade volume in 2020. Back in 2017, it was only responsible for a fraction of the volume, as Bitcoin was responsible for 50% of it, and fiat for the rest. In 2020, with COVID-19 crashing the global economy, Tether’s share climbed up to 70%.

Now, new estimates claim that USDT might surpass ETH in market cap by 2022.

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