Tether (USDT) is Now the Most Traded Crypto Asset
After Bitcoin (BTC) dominated the market as the leading coin, USDT activity has now surpassed this level.
Tether (USDT) is breaking a series of records, after increasing its supply to above 4 billion coins. Now, USDT has taken the helm as the best-traded asset, taking over more than 32% of all exchange activity.
Traditionally, Bitcoin (BTC) was the most active coin, by virtue of being the most in-demand asset, and for being included in multiple base pairs. But now, many altcoins have acquired their own USDT markets, boosting the need for more stablecoins to flow through the exchanges.
The total supply of USDT has also grown rapidly in the past months, surpassing 4 billion coins only a few days ago. USDT has also diversified the creation of coins, as minting has shifted from the Bitcoin Omni layer to Ethereum, EOS, TRON, and most recently, Algorand.
The new dominance for USDT re-generated worries that relying too much on the stablecoin may lead to an overall crash of the crypto space. Currently, each USDT coin moves through the exchange ecosystem 4.66 times each day. Tether dominates 98.6% of the stablecoin market, with lesser coins lagging behind as their supply diminishes. Newer altcoins are used to cash out into real dollars, thus burning down their supply. USDT, however, has not been used as a fiat off-ramp, and purchases and creation are non-transparent.