Tether token transaction volume on Ethereum hits USD600bn

Tether.to, the blockchain-enabled platform that powers the largest stablecoin by market capitalisation, has surpassed USD600 billion in cumulative transaction volume on Ethereum ERC 20 tokens, according to Glassnode, an on-chain blockchain analytics data provider.

The Glassnode research found that tether token transaction volume on Ethereum increased by around 20 per cent over the past 30 days to reach the new cumulative milestone of US$600 billion.

“Tether’s important role in the digital asset ecosystem is further underlined by these Glassnode findings,” says Paolo Ardoino, CTO at Tether. “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.”

The importance of USDt is growing as the stablecoin performs an increasingly vital function within the digital asset ecosystem. USDt plays a pivotal role in the trading of digital assets resulting in many digital asset spot exchanges now denominating trading pairs in tether rather than Bitcoin. Furthermore, crypto’s reserve currency is also being increasingly used in remittances and innovative projects in the digital asset space, including decentralised finance (DeFi).

USDt’s total market capitalisation has grown from about USD2 billion in February 2019 to reach about USD16 billion. Tether works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.