The average daily transfer value for Tether has surpassed that of Bitcoin and PayPal according to recent research. A report by CoinMetrics has revealed that Tether’s 7-day average adjusted transfer value reached over $3.55 billion as of August 20. This is around 20% more than that for Bitcoin which was a reported $2.94 billion according to the research. Tether and Bitcoin transfer value. Source: CoinMetrics Following six months of rapid growth, USDT average daily transfer value has finally flipped Bitcoin’s as it continues to take more and more of the market share of on-chain transfers. The recent surge in Tether …

New data from Chainalysis shows Chinese investors reportedly used Tether (USDT) to move nearly $50 billion overseas. This has led some crypto investors to question whether or not Bitcoin price could be impacted by capital flight from China. Chainalysis researchers said: “Over the last twelve months, with China’s economy suffering due to trade wars and devaluation of the yuan at different points, we’ve seen over $50 billion worth of cryptocurrency move from China-based addresses to overseas addresses.” A large portion of the funds were moved through Tether and as this occurred the dominant stablecoin saw its market cap rise to …

Cryptocurrencies — and Tether (USDT) in particular — could be playing a key role in recent capital flight from China, according to a new report from blockchain analytics firm Chainalysis. The report states that over 44% of crypto transactions in East Asia are conducted with counter-parties within the region, making it “the closest we have to a self-sustaining market” in the industry. However, over the past 12 months, East Asia’s relative share of global crypto activity has begun to decline, with over $50 billion worth of cryptocurrency leaving China. Grayscale director of research Philip Bonello said: “It appears that users …

Chainalysis contends that the new issuance of Tether (USDT) may dampen Bitcoin's (BTC) bull run. In a weekly Market Intel newsletter, company's chief economist Philip Gradwell said: Newly issued Tether arriving at exchanges can be used to buy Bitcoin just as much as existing Tether can be. But making this distinction shows that in the current market, fiat would be driving Bitcoin buying to an even greater extent if there had not been new Tether issuance arriving at exchanges, shown by the difference between the yellow and pink lines. Source: Chainalysis Market Intel newsletter. Gradwell posited that the price change …

The market capitalization of Tether (USDT) surpassed $12 billion as of Aug. 14, according to cryptocurrency market analytics firm Coinmetrics. Meanwhile, some believe the rapidly-rising valuation of the dominant stablecoin positively benefits Bitcoin (BTC) in the long term. But some investors also fear that it makes the cryptocurrency market vulnerable. Tether has been the most widely-utilized stablecoin for several years, and it has seen exponential growth. In January 2017, the total supply of Tether was hovering at around $10 million. Within four years, that number has increased by 1,200-fold. The increase in the supply of Tether since 2017. Source: CoinMetrics …

"Tether is an accident waiting to happen," Brandt tweeted on Aug. 10, in response to a separate post looking at USDT's market cap and the total crypto industry's market cap in line with overall digital asset volume. "Tether is just another fiat currency," he added, putting Tether in the same class as national currencies, such as the U.S. dollar (USD). It is unclear whether or not Brandt feels that the asset's risk lies in its fiat currency status, or its checkered past as a stablecoin. Cointelegraph reached out to Brandt for additional details, but received no response as of press …

The recent formation of the World Stablecoin Association in Switzerland was done with the goal of creating a united front for the sector to tackle regulatory concerns and drive collaboration. Stablecoins are becoming an increasingly important, widely used medium of exchange in the cryptocurrency community, with industry leaders such as Tether (USDT) and USD Coin (USDC) enjoying immense success in 2020. Tether hit a milestone toward the end of July, surpassing $10 billion in market capitalization as fiat currency continues to be converted into the stablecoin. Meanwhile, USDC celebrated breaking the $1 billion market cap threshold at the beginning of …

As a new COVID-19 stimulus bill is debated in the United States Senate and Bitcoin (BTC) begins to bounce back from its volatility lows, the demand for stablecoins continues to grow. Powered both by the stability that they provide to tokenholders and the demand created by decentralized finance lending and yield farming, stablecoins — Tether (USDT) in particular — continue to hit record figures consistently. According to a report by cryptocurrency data and research firm Messari, USDT may soon become the cryptocurrency with the greatest daily transaction volume in terms of U.S. dollars transferred across all Tether-enabled blockchains. According to …

The on-chain activity for the three of the biggest stablecoins exploded as Bitcoin (BTC) was breaking the $11,000 price barrier. 7-day average transfer volume for USDT, DAI, USDC & BTC Price. Source: Glassnode. Stablecoin growth Several stablecoins, including the market-leading Tether (USDT), have recently experienced a significant growth in market capitalization. We observe that a significant increase in the transfer volume of USDT, DAI (DAI), and USDC (USDC) coincided with the latest Bitcoin bull run. It is not clear from the chart whether this metric can be considered a leading or lagging indicator. The increase in stablecoin transfer volume, unlike …

Tether (USDT) exchange inflow has recently spiked to its highest level in the last 8 months, according to data from on-chain data provider Glassnode. Exchange inflows for the stablecoin reached a 2020 high yesterday as Bitcoin (BTC) soared to $10,270, although BTC has since continued on its rally, currently sitting at $11,000. USDT Exchange inflows. Source: Glassnode While research firms have found that there is an inverse correlation between the USDT held on exchanges and the price of Bitcoin, the inflow can also be considered as a bullish sign for Bitcoin as USDT is the fastest and most popular way …

The Tether Gold stablecoin was valued at $1,902 on July 24, putting the price of gold within reach of the commodity’s all-time high set in September 2011. According to The Wall Street Journal, the commodity set a new record for closing price at $1,897.50 on July 24, but has yet to reach its record intraday high of $1,921 from 2011. Gold has risen 22.7% from $1,550 to $1,902 since Tether Gold (XAUT) — a stablecoin allowing ownership of one troy ounce of gold held in a Swiss vault controlled by the company — was released on Jan. 23. The surge …

A New York State appeals court affirmed on July 9 that the state attorney general’s fraud investigation into iFinex et al. — i.e., iFinex, Bitfinex and Tether Holdings — could continue. Whether that probe will result in litigation against the company that issues Tether (USDT), the world’s most widely used stablecoin, is anyone’s guess, but if it does, it might promote a more regulated stablecoin industry. As Felix Shipkevich, an attorney specializing in cryptocurrency-related legal and regulatory matters at Shipkevich PLLC, told Cointelegraph: “The New York attorney general, NYAG, is often viewed as the nation’s most important state enforcer of …