Tether has surpassed Bitcoin and PayPal for the average daily transfer value.
It has been reported by CoinMetrics that Tether’s 7-day average adjusted transfer value reached over $3.55 billion as of August 20.
According to the research, this is around 20% more than that for Bitcoin which was a reported $2.94 billion.
However, after 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 usage has been driven by DeFi and token swapping protocols such as Uniswap.
According to PayPal’s Q2 report, Economist John Paul Koning observed that the daily average transfer value of the online payments giant was also less than Tether’s at $2.94 billion.
Likewise, actively surveilled transactions on PayPal and largely anonymous Tether transactions may not provide a fair comparison.
It has been analyzed that the world’s most popular stablecoin has also grown exponentially this year in terms of supply which has now surpassed $13 billion according to the Tether Transparency report.
Since the beginning of 2020, the supply of Tether has grown by 225% and is showing few signs of slowing down.
Moreover, Tether attributed the growth to the current economic climate by tweeting that people are turning away from archaic payment methods.
Thus, it said:
“Amid these uncertain and challenging times, the utility, security and viability of digital currencies have come to the forefront. People are looking for alternatives to antiquated banking and payment systems.”