Tether exceeds PayPal as well as Bitcoin in average daily transfer value for August according to the latest research that we have in our Tether cryptocurrency news.
The average daily transfer value for Tether exceeds Paypal according to the research by CoinMetrics revealing the 7-day average adjusted transfer value which reached $3.55 billion as of August 20. This is around 20% more than that for Bitcoin which was reported at $2.94 billion. After the six months of huge growth, USDT average daily transfer value flipped the one of Bitcoin as it continues to take more of the market share of the on-chain transfers. The recent surge in Tether usage was mainly driven by the Defi space and the token swapping protocols like Uniswap.
2020, the year of Tether.
The road to 20B+ and beyond. https://t.co/wiacp4RkeB
— Paolo Ardoino (@paoloardoino) August 24, 2020
The economist John Paul Koning observed that according to the Q2 report by PayPal, the average daily transfer value of the company was less than Tether’s $2.94 billion. However, the surveilled transactions on PayPal and anonymous transactions on Tether could not provide a fair comparison. The most popular stablecoin grew exponentially this year in terms of supply, surpassing $13 billion according to the Tether transparency report. Since the start of 2020, the supply of tether increased by 225% and is now showing signs of slowing down. Bitfinex CTO, Paolo Ardoino believed that the supply will hit $20 billion this year. Tether only attributed to the economic climate and he said that people are turning away from archaic payment methods:
“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.”
— John Paul Koning (@jp_koning) August 25, 2020
More than two-thirds of all USDT is used on Ethereum which was slowing down the network and making it more expensive to use. According to Gas Station, Tether is now the second-highest source of network fees with a gas usage of $8.6 million in the past 30 days. The increasing fees in Ethereum usage have prompted Tether to migrate some of the supply to faster networks such as the Layer 2 solution OMG network and the EOS and Tron blockchain.
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