Tether (USDT) is recording dizzying daily trading volumes, surpassing the combined total of Bitcoin, Ethereum, and other crypto. In 24 hours, traders exchanged USDT for over 55 billion dollars, almost double BTC and more than three times ETH.
Tether: daily trading volumes exceed those of Bitcoin and Ethereum combined
According to reports, it seems that Tether is dominating the daily trading volume scene across the entire crypto market.
#ICYMI: Tether 24 hour trading volume surpasses Bitcoin, Solana, USDC and Ethereum combined
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— CryptoSlate (@CryptoSlate) July 8, 2024
“ICYMI: the trading volume of Tether in the last 24 hours surpasses Bitcoin, Solana, USDC, and Ethereum combined. Read the full article”
In fact, in 24 hours, USDT was traded by traders for over 55 billion dollars, doubling the 28 billion dollars of BTC and tripling the 15 billion dollars of ETH.
Not only that, doing some calculations, Tether maintains a volume higher than the combined volume of Bitcoin, Ethereum, in addition to USD Coin, Solana and First Digital USD, highlighting its significant presence in the market.
This is possible because USDT remains the most used (and most favored) stablecoin in trading pairs, capable of providing coverage from the typical volatility of cryptocurrencies.
Tether and daily trading volumes beyond those combined of Bitcoin and Ethereum and other assets
In general, the daily trading volumes of Tether have remained robust throughout 2024, remaining above 25 billion dollars. This allows Tether to strengthen its position as a key liquidity provider in the cryptocurrency ecosystem.
Not only that, on March 16, 2024, Tether recorded the highest peak of daily trading volumes of 130 billion dollars.
USDT is also the largest stablecoin in terms of market cap. At the time of writing, in fact, Tether records a total market capitalization of over 112 billion dollars.
In addition to winning over crypto traders, Tether is also succeeding in its mission to extend the adoption of USDT to other sectors as well.
In fact, recently, Tether has entered the Philippines, where it will be possible to use USDT for payments to the Social Security System (SSS), managed by the State. This public service manages social security and employee compensation, and its payment is mandatory by law.
Closing cycles to open new ones
Other recent news also talks about Tether strategies that on one hand close roads that are no longer viable, but on the other hand open new ones.
In fact, the issuer of the largest stablecoin has announced the end of the minting of USDT on the EOS and Algorand platforms. Specifically, the minting of USDT on the two blockchains ended in late June, but the company has reassured users that the transition will be carried out meticulously and with minimal disruptions.
Thus, while on one hand Tether is closing a circle that began some time ago, on the other hand it assures users that it will decide to allocate resources where they can improve and innovate in the crypto sector.
Just the week before, meanwhile, Tether had already announced an important piece of news regarding the launch of a new stablecoin collateralized in gold. It is called Alloy by Tether (aUSDT) and it is pegged to the US dollar but, instead of being collateralized in dollars, it will be collateralized in gold.
aUSDT is not even a stablecoin in the style of Tether Gold (XAUT), as the latter is a simple stablecoin pegged to the value of gold.
Therefore, aUSDT is pegged to the dollar and technically over-collateralized in gold, meaning the total market value of all gold reserves held by Tether as collateral for aUSDT exceeds the market of all issued aUSDT tokens.