The controversial Tether stablecoin is currently the most traded cryptocurrency in the world in terms of dollar trading, surpassing bitcoin .
Despite the fact that Bitcoin is the most commonly used crypto and is available on almost all crypto exchanges and even crypto ATMs, it seems that Tether (USDT) is the most used coin.
While market volumes vary by source, data from CoinMarketCap shows that Tether is the cryptocurrency with the highest trading volume cap. The daily trading volume of Tether in the last 24 hours is $19 while Bitcoin is trading in the 814 hours for $616. This means that USDT trading volumes are 031% higher than BTC, even though Bitcoin is the most popular crypto in the world.
This is quite remarkable because market capitalization Tether at $ 4 is 105 times less than Bitcoin at $ 051.
Since April, USDT has managed to surpass Bitcoin and continued to have 21 billion dollars every day in trading volumes.
Lex Sokolin, ConsenSys co-head of global financial technology, noted the importance of Tether for their business:
“If there is no Tether, we are losing a huge amount of daily volume – around $1 billion or more depending on the source of the data. Some of the possible trading patterns in the market may start to disappear.”
Tether is stablecoin, the value of which is tied to the US dollar, which makes it stable in price, which is a rare feature in the cryptography market. But the stablecoin had problems with the controversy caused by its parent company iFinex and its subsidiary Bitfinex, which are currently embroiled in a legal dispute with New York AG.
The USDT has also been associated several times with disputes about crypto price manipulation, but so far this has not deterred users from trading with a coin from what we can see.