The average daily transfer for Tether over passed Bitcoin and PayPal in August.Statistics from CoinMetrics show that Tethers 7-day average adjusted transfer value was more than $3.55 billion from August 20. This amount is about 20% more than Bitcoin, which was $2.94 billion.
Uniswap Could be the reason
Tether experienced a rapid growth for the past six months. Although Bitcoin was trying to continue to take more and more of the market share of on chain transfers, finally, the USDT average daily transfer value exceeded Bitcoin.
The recent growth in Tether daily transfer value could be from DeFi and token swapping protocols like Uniswap.
John Paul Koning is an Economist. In his latest analysis, he figured out Tether daily transfer value was even exceeded PayPal. A report from PayPal Q2, shows the total daily transfer value of the online payment giant, PayPal, was around $2.94 billion, which is less than USDT.
However, PayPal and Tether have core differences and cannot compare them together. In fact, Tether is a way to transfer fund anonymously. But, PayPal is actively controlling the transactions.
Tether Daily Transfer; a significant growth in supply
In addition to those above, Tether could have a significant growth in terms of supply. The reports from Tether Transparency show, the most popular stablecoin could surpass $13 billion in supply. This shows a significant growth since the beginning of 2020, which is around 225%. But, recently, it’s showing signs of slowing down.
Previously, Paolo Ardoino, the Bitfinex CTO, mentioned, he is completely sure that USDT total supply will hit $20 billion this year.
He believes that people are looking for alternative way of transferring money. In fact, people are not interested anymore to use traditional banking system. He mentioned that in the current economic situation, the security, utility and viability of digital currencies have come to the front.
Now, about two third of all USDT is using on Ethereum. Recently, the Gas Station revealed, Tether is the second highest source of network fees. It had over $8.6 million gas usage over the last month.