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

  • 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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