Tether USDt Volume On Ethereum's Network Surpasses $100 Billion, Up 6000% In 2019

    Tether USDT stablecoin has been recording a lot of activity this month and in 2019 overall. With billions of dollars in on-chain volume, the token is now reaching a record high. What could be next? How does this impact the Ethereum network?

    • The present volume is an increase of 6,000% since the beginning of the year.
    • The total supply of USDT is over 4.108 billion.

    Tether appears to be gaining traction on the Ethereum network, increasing in velocity as new flows occur between exchanges. The USDT total supply has been the same, but recent reports show that their transfer volumes have just passed $100 billion, which has never happened before. These numbers are an increase of 6,000% since the beginning of 2019, according to data recorded by Glass Node.

    After passing between any of the top crypto-to-crypto exchanges, the Omni-layer USDT is exchanged to the ERC-20 type. Considering the many active transactions, USDT is proving to be much harder to track.

    Presently, more than 2,000 ethereum is being spent on smart contracts for USDT, according to statistics gathered by EthGasStation. The contract is responsible for the burning of about 10% of all gas, though heightened activity spikes have pushed some burns to above 36%. In the last 24 hours, during which time BTC volumes surpassed $18 billion, the volume of the ERC-20 version multiplied by two through the night.

    The TRON network holds an additional 855 million USDT to consider. Overall, the total supply of USDT has steadily stood at just over four billion coins, but the price of BTC has been impacted differently by the proportion of coins on other networks and the flow from one exchange to another.

    As it stands, over 76% of the total bitcoin volume is against USDT, and every coin was pushed through exchanges about six times during the last 24 hours during the sell-off. Still, despite this volume, there haven’t been any “whale” sized transactions involving USDT to be reported.

    By being on the Ethereum blockchain, USDT shows that that the network is establishing itself as a strategic platform for cryptocurrency. With the soon approaching upgrade and possible switch to a staking protocol, the source of liquidity could be affected too.

    So far, USDT hasn’t been interrupted by any glitches or slowdowns, since Tether’s smart contract is supported by Tether, Inc. and assigned priority based on higher transaction fees.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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