[Tether’s 24-hour trading volume exceeds that of Bitcoin, Solana, USDC and Ethereum combined]
Tether USDT’s trading volume in the past 24 hours exceeded the sum of the five major digital assets including Bitcoin and Ethereum. According to CryptoSlate, Tether’s trading volume reached $55 billion, far exceeding Bitcoin’s $28 billion and Ethereum’s $15 billion.
Tether, which has a market capitalization of more than $112 billion, has seen trading volumes remain strong throughout 2024, peaking at $130 billion on March 16. Tether’s stability and frequent use in trading make it a top choice for traders to hedge against volatility. Tether’s daily trading volume regularly exceeds $25 billion, cementing its position as a key liquidity provider in the crypto ecosystem.
According to data from Glassnode, the daily transaction volume of Bitcoin and Ethereum in 2024 will be approximately $4 billion to $8 billion, which is much lower than Tether. This shows Tether’s central role in day-to-day transactions and its contribution to market stability. The continued high trading volume demonstrates the market’s trust and reliance on Tether, making it an integral part of the market’s functioning.
While Tether has faced challenges with reserves and illegal activity, these trading volumes demonstrate its resilience in the face of accusations. Tether CEO Paolo Ardoino said Tether is currently over-collateralized and company profits are being plowed back into reserves to enhance stability. Ardoino also mentioned that Senator Warren’s obstruction of accounting firms affected Tether’s ability to conduct audits with one of the Big Four accounting firms in the United States. Although Tether has been seeking an audit from a top accounting firm, there is little hope of it happening in the near future.
