According to a recent report from CoinMetrics, the average daily transfer value for Tether (usdt) has surpassed that of Bitcoin and PayPal.
In the report published on the coinmetrics page, the 7-day average transaction value of Tether as of 20th August was 20% higher than bitcoin, which stood at $2.94 billion, as per the report.
This report may not be surprising for those who have been observing Tether's fast growth in the last six months. Apart from being one of the foremost stablecoins, the mass adoption of Tether can also be attributed to the increasing number of DeFi platforms and token swapping protocols.
In addition to overtaking bitcoins transaction value, John Paul Koning, a financial analyst, also noted that the stablecoin daily transaction value even exceeded PayPal's, according to data from the Q2 report.
However, there is still room to dispute Tether's daily transaction volume, compared to Paypal, as the latter's transactions are usually heavily scrutinized and regulated, whereas, Tether retains a certain degree of anonymity as a cryptocurrency.
Tether has witnessed tremendous growth and has taken its stand as the most accepted stablecoin globally. In 2020 alone, Tether has increased supply by 225%, with over $13 billion in circulation.
The company has also credited the recent demand for innovative payment as a factor driving its growth. Added to the fact that the pandemic has made a lot of business embrace more digital payment options in place of cash, the stablecoin could hit $20 billion anytime soon.
Source: Cointelegraph
