Tether [USDT] records higher on-chain trading volume in China over its U.S counterparts

2019-6-5 12:00

Tether reached a new all-time high in terms of its market cap recently, which incidentally was also briefly equivalent to the number of USDTs in circulation. Further, Tether’s 24-hour trading volume also overthrew that of Bitcoin’s.

Bitcoin has long been the poster child of the cryptocurrency space. However, Tether easily surpassed its trading volume after Tether printed more than a billion USDT in over a month. A recent Diar report looked at the source of Tether’s spontaneously increasing trading volume.

According to the report, on-chain movements for Tether have hit a new all-time high for the second quarter of 2019, with most of the volume seen coming from the Chinese market.

The report stated,

“The volume coming in and out of Chinese exchanges dwarfs western and global trading venues and accounts for more than half of the total transaction value of known parties.”

In 2018, Tether’s demand in China hit a height of $16 billion. However, the demand has surpassed a total of $10 billion in 2019 so far. Further, the transactional value arising out of China for 2019 has already exceeded “$7Bn of all the transactional value for 2017.”

The report further added,

“Tether on-chain movements stateside account for a tiny 3% of known volumes at $450Mn, more than $10Bn less than flows sent and received by Chinese exchanges.And the demand is on the rise. In the 2018 bear market, Chinese exchanges accounted for 39% of all known on-chain transaction value for Tether. This year to date, the red dragon is responsible for a whopping 60%.”

Additionally, popular exchanges like Binance, Coinbase, and Bitfinex share only half of the above-mentioned value, i.e., 31% of the on-chain transaction value for Tether as of 2019. This value has fallen from 47%, as recorded in 2017. The US-based exchanges saw their share of stablecoin demand drop to less than 10% in 2018, when compared to 2017.

The post Tether [USDT] records higher on-chain trading volume in China over its U.S counterparts appeared first on AMBCrypto.

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$ 0.9988 (+0.01%)
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Изменеия 24h: -0.06 %, 7d: -0.11 %
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tether volume trading records usdt bitcoin on-chain

Источник: ambcrypto.com

tether volume → Результатов: 65


Diar: 60% объема транзакций USDT приходится на китайские биржи

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2019-6-5 12:15


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Tether (USDT) Dominates Stablecoin Market Despite Treasury Size Shrinking

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