2020-8-27 14:18 |
Tether (USDT) has recently seen a major surge in its average daily transfer value. In fact, the growth has exceeded $3.55 billion as of August 20th, which officially put it ahead of Bitcoin, but also PayPal itself.
Tether outperforms Bitcoin and PayPalThe new information comes from a recent report published by CoinMetrics, which revealed a major surge of Tether’s 7-day average adjusted transfer value. The new ATH is approximately 20% higher than that of Bitcoin, which is at around $2.94 billion.
While rather impressive, the growth of the coin’s average daily transfer value doesn’t come as a surprise. USDT has been seeing strong growth for at least half a year now. However, it is still impressive to see it go past Bitcoin, and become the dominant project for on-chain transactions.
Tether has seen particularly large growth as the DeFi sector started expanding.
As mentioned, USDT transactions also exceeded those of PayPal, which saw similar numbers in its Q2 of this year as Bitcoin — $2.94 billion.
Tether is now doing $3.55 billion in daily transfer value: https://t.co/CpW34wL3jA via @coinmetrics
Not bad. In Q2 2020, @PayPal did just $2.94 billion per day: https://t.co/kD3Bt9BEYF pic.twitter.com/uxaagM9pXU
It is worth noting that PayPal transactions are under heavy surveillance, while Tether still offers anonymous payments. However, USDT has also grown in terms of supply, as it currently has more than $13 billion, based on its transparency report.
Uncertain times led people to find more secure payment methodsThe interesting part is that the coin’s supply increased by 225% in 2020 alone, and it continues to surge. In fact, Bitfinex’s executive, Paolo Ardoino, believes that the coin might hit $20 million before the year ends. He called 2020 ‘The year of Tether,’ although it has yet to be seen whether this prediction will come to pass.
2020, the year of Tether.
The road to 20B+ and beyond. https://t.co/wiacp4RkeB
Tether addressed its growth itself, attributing it to the state of the global economy, and using it as evidence that people are turning away from traditional payment methods.
Due to the virus pandemic, this is a highly uncertain and challenging period where people value security, utility, and viability of digital currencies, according to the company.
1/2 Amid these uncertain and challenging times, the utility, security and viability of digital currencies have come to the forefront. People are looking for alternatives to antiquated banking and payment systems. As the biggest, most liquid and technologically innovative
— Tether (@Tether_to) August 24, 2020The post Tether’s (USDT) daily transfer volume goes beyond $3.55 billion appeared first on Invezz.
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