Ethereum transaction volume using tether tokens hits $600bn

Ethereum transaction volume using tether tokens hits bn

The last 30 days have seen an unprecedented growth of usage of tether tokens on Ethereum transactions, with Glassnode research finding that, during that period, there was a growth in transaction volume of Ethereum using tether of 20 percent. The growth in this transaction volume also saw the tether-Ethereum cumulative transaction volume reach $600 billion.

The data from Glassnode research highlighted the progress tether, which has become the default crypto reserve currency, has taken in positioning itself as a leading intermediary for crypto transactions.

Ethereum-tether token transaction volume growth

The Glassnode research findings were also eagerly received by Tether, whose CTO, Paolo Ardoino, spoke of the finding by indicating that they highlighted Tether’s important role in the digital asset ecosystem.

Ardoino continued by saying,

If you were to add tether’s usage on other chains such as Tron, Omni, and Algorand, the headline figure would be higher still. We’re gratified by the community trust placed in Tether and inspired by how it is powering incredible innovation in crypto.

USDT growth in crypto space has seen its market capitalization jump from about $2 billion in February 2019 to the current market capitalization of over $16 billion. This has been driven in part due to innovative projects that tether has been involved in, including being increasingly used in remittances and digital asset spaces such as decentralized finance (DeFi).

The crypto has also become a crypto pairing leader, dominating the crypto market as the most paired crypto token in the market. This is after overtaking Bitcoin and positioning itself to be a market leader in the digital cryptocurrency space.

The rise in cumulative transaction volume between tether tokens and Ethereum has also highlighted other growth opportunities that tether has taken, such as diversifying the number of cryptos the USDT can use. Simple research indicates that currently, USDT has already been paired with Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, and Tron.

Share link:

Kelvin Maina

Written by Kelvin Maina

Kelvin Maina is a computer science graduate who has a strong interest in cryptocurrency. He also enjoys reading fictional novels and swimming. He has over five years of experience in the software engineering industry and understands the current technology trends around the world.