Tether reaches a milestone and puts Bitcoin and PayPal in the shade.

 

The popular Stablecoin Tether is gaining momentum. In the meantime, It even achieved a larger transaction volume than the crypto veteran Bitcoin and payment service provider PayPal. That’s behind it.

Tether records more daily transactions than Bitcoin and PayPal.
• DeFi gives USDT tailwind
The cyber motto Tether recently posted an important milestone. According to figures from Coinmetrics, Tether’s 7-day average on August 20 was about 20 per cent higher than Bitcoin and PayPal. The cryptocurrency is a so-called Stablecoin, in which theoretically one US dollar is deposited for each token. The Tether simulates the US dollar, which is why it is less subject to fluctuations than Bitcoin, for example, which is determined by supply and demand. One of the reasons why Bitcoin, although initially intended as a currency for limitless, digital payment transactions, is now mainly used as a store of value and is not actively used by most owners for payments.
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DeFi ensures an upswing in Tether.
It is different with USDT. The Tether is in particular for various applications in the increasingly popular DeFi area. DeFi stands for decentralized finance and includes an alternative to the global financial system. In contrast to the conservative approach, which is mainly in the hands of the central banks, DeFi is a blockchain system that is decentralized and transparent. Tether is often used here to exchange cryptocurrencies for other fiat currencies and vice versa at low cost. It is therefore becoming more and more popular: “Tether is taking an ever-larger market share from on-chain transactions. Stablecoins are increasingly being used in popular DeFi applications such as Uniswap and Curve, both of which probably played a role in Tether’s recent boom, “summarize the experts at Coinmetrics.
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Accordingly, USDT’s market capitalization continues to grow and is now over 13 billion US dollars for the first time. If the cyber motto can further increase daily transactions, nothing should stand in the way of a further rise.