Tether volume surpasses $600B

16 Oct 2020

Cumulative Tether transaction volume has exceeded $600 billion as the cryptocurrency starts to lead crypto exchange trading.

According to on-chain analytics provider Glassnode, Tether transaction volume increased by approximately 20% over the last 30 days to reach that cumulative target.

That said, reports Cointelegraph, this is a cumulative reading and not daily transaction volume, which is around $35 billion according to an average from Coingecko and Coinmarketcap.

These two analytics providers have reported that the daily transaction volume for Bitcoin is within a range of $20 and $25 billion, which puts Tether out in front for this metric.

In regard to supply, USDT has increased by near to 300% since the start of the year, when just 4 billion were in circulation.

Currently, as per figures in the Tether Transparency report, that figure is just under $16 billion.

Furthermore, analytics provider Skew stated that futures contracts based on Tether have now caught up with those based on Bitcoin, with “strong growth in USDT-margined futures contract this year, now almost on par with BTC-margined contracts on a daily basis”.

Earlier in the week, Bloomberg reported that Tether’s market capitalisation could exceed that of Ethereum by 2022.

As it stands, Tether’s market cap is around 38% of Ethereum’s, the Cointelegraph report adds, but additional growth is forecast.

In answer to the report, Tether CTO Paolo Ardoino commented: “Tether once again proves itself to be one of the most trusted assets in the crypto space.”