USDT set to eclipse Bitcoin transactions! USDT set to eclipse Bitcoin and overtake the King in terms of transactions. It’s important to note that USDT has seen intense composition in the realm of stable coins.
According to Messari’s Q2’20 Review, tether’s daily transaction value is set to overtake Bitcoin’s daily transaction value in the near future.
First launched in October of 2014, Tether’s economy has been an enigma. As of July of 2020, the market for Tether has captured roughly $10 billion in value.
This growth was despite intense competition from stable coins like Pax Standard (PAX), TrueUSD (TUSD), DAI, and USD Coin (USDC).
At time of writing, only $100 million remains between both USDT and Bitcoin’s daily transaction value.
Stable coins offer 24/7 uptime and relatively quick settlement. With the rise of the DeFi sector, stablecoins have only grown in popularity.
Statistics also show that USDT has more trade volume than bitcoin. This is a usual occurrence – data from intotheblock.com shows that USDT concentration is 12.03%, while Bitcoin concentration is only 1.39%.
USDT also captures 64.02% of BTC’s reading share. This is probably due to the fact that the largest market pair is typically tether.
Fiat currencies like the USD (11.20%), JPY (9.30%), EUR (4.46%), and KRW (3.79%) are BTC’s top fiat pairs on July 22nd. They hold no water to USDT’s position as a trading pair – even when combined.
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