Tether Daily Transaction Volume Hits All-Time High

[Pegasus]

Tether (USDT), the most used fiat-pegged stablecoin, has hit an all-time high by the number of daily transactions, according to blockchain data provider Coin Metrics.

On March 31, the amount of Tether transactions hit a high of 38,150, representing a new milestone in the adoption of the major stablecoin launched in 2015.

All-time transaction volume of Tether. Source: Coin Metrics

At press time, Tether is ranked the second top cryptocurrency by daily trading volume at $9.4 billion, while Bitcoin’s (BTC) daily trading volume amounts to $10.2 billion, according to data from CoinMarketCap.

Tether has long been the subject of controversy in crypto community, having been criticized for Bitcoin price manipulation back in 2017. Crypto investor and entrepreneur Michael Novogratz also condemned Tether for its purported lack of transparency.

While it was purportedly pegged to the United States dollar on a 1:1 basis, Tether was also suspected of operating a fractional reserve while issuing more tokens than they have backing for, and sending them to Bitfinex crypto exchange. Following a subpoena by U.S. regulators to both Bitfinex and Tether,  Tether ordered an unofficial audit, which found that stablecoin had the appropriate amount of backing dollars.

In mid-March, Tether again drew attention after social media users noticed an update on Tether’s website, saying that USDT is not fully backed by U.S. dollars and may include other assets and receivables from loans made by Tether to third parties.

Stablecoin projects have become increasingly popular recently. Recently, the Universal Protocol Alliance announced the launch of its own euro-pegged stablecoin in April.

Source

[Alcor]

As of March 31, we were still in a bear market. During this period, stable coins are in good demand. In addition, there was already a noticeable movement in the accumulation of whales of bitcoins and other cryptocurrency, which indicated the imminent growth of the market. Therefore, it also caused the demand for USDT. Investors signed up with this most popular stable coin in order to quickly respond to the increase in the price of cryptocurrency.
Since the beginning of April, when the cryptocurrency market began to grow well, I think that the demand for USDT has already gone down.

[Rose_Staw]

Just like the name suggests, Tether is a controversial cryptocurrency that is allegedly tethered to unending trading disputes and dubious ownership. This digitized token claims to be supported by US dollars reserve, portraying a 1:1 relationship with the underlying fiat currency.

This simply means that one Tether issued by the company has an equal value as of 1 dollar. However, the company has typically not able to produce conclusive evidence of their currency reserves, which has attracted a lot of negative attention from the markets and regulators alike.

Initially named as "Realcoin", the Tether cryptocurrency enables you to facilitate the transfer of national currencies, use Tether as an alternative to other cryptos and offer a quick exchange to other cryptos. Also, it shares a complex relationship with Bitfinex, one of the largest cryptocurrency trading platform. In short, it has a history worth sharing in the world of cryptos.

The Tether cryptocurrency is available in most of the exchange platforms, which makes it a widely available stable-currency that can actually expand much faster with the growing interest in cryptocurrency technologies. You can also exchange Tether with other altcoins like eth to usdt or other coin pair.