Tether is the most widely used stablecoin in the cryptocurrency world.
Proof of this are both the daily trading volumes recorded by the currency anchored to the value of the dollar – which today surpass the trading volumes of bitcoin (BTC) – and the market cap of the cryptocurrency, which today boasts little more than four billion dollars of capitalisation.
One of the main reasons for the success of this stablecoin is certainly due to the flexibility of the protocol used, which provides for the possibility of using USDT tokens on several blockchains, including that of Ethereum, Bitcoin (through Omni), TRON, Algorand and also EOS.
Not only that, but recently the company has also integrated Tether on the Liquid Network protocol, a high-performance sidechain that allows transferring tokens anchored to BTC at low cost and in a very short time.
Tether beats bitcoin
The Tether stablecoin has achieved record volumes in recent days, close to $20 billion traded in just 24 hours. It is not the absolute record, which was set last May when the stablecoin recorded a peak of 31 billion dollars traded in 24 hours, but nevertheless still a rather high value that once again clearly exceeded the volumes of bitcoin.
It is now the norm for Tether to be leading Bitcoin in volume.
And yes, it’s accurate to point out almost all the Tether volume is wash trading and trading against shitcoins. ie, maybe the wash trading and shitcoins would stop without Tether. pic.twitter.com/xsmgovnkBd
— Vilecarlo The Tether Whisperer (@CasPiancey) August 26, 2019
The volumes of the Tether (USDT) stablecoin exceed again those of bitcoin
When analysing yesterday’s volumes, it is possible to observe how Tether has recorded volumes almost two billion higher than those recorded by bitcoin, a situation which in recent months has been occurring more and more often and which has proved to be partially linked to the variations in the price of bitcoin.
As always, it is difficult to predict what will happen to the bitcoin value. There are those who argue that the big whales are preparing to cash the gains of recent rises, those who are saying that new capital is about to enter the market and those who still believe that these funds and volume increases are attributable to altcoin trading.
Bitfinex adds new trading pairs for some stablecoins against USDT
Today, the well-known Bitfinex exchange added new trading pairs against its own stablecoin, Tether (USDT).
These pairs involve a number of stablecoins, including USDC, Paxos and TrueUSD, which can now be traded directly against Tether using the USDC/USDT, PAX/USDT and TUSD/USDT pairs on the Bitfinex exchange.
Three new stablecoin pairs are now available on Bitfinex!
Trading on USD Coin to Tether (USDc/USDt), Paxos Standard to Tether (PAX/USDt) and TrueUSD to Tether (TUSD/USDt) began 27/08/19 at 8:00 AM (UTC).
— Bitfinex (@bitfinex) August 27, 2019