Recent research has shown that crypto exchanges in China account for 60% of the world’s trading volume in Tether (USDT), a stablecoin pegged or ‘tethered’ to the US Dollar. The findings were published on June 3rd in the latest issue of Diar, a digital asset and regulation trade publication.
So far this year, the USDT trade volume in China has been valued at US$10 billion, compared to the US$450 million trade volume of US-based traders during the same period. The data also suggests that major exchanges Binance and Bitfinex account for 31% of USDT activity, globally.
The Diar analysis expressed confidence in the authenticity of these transactions. It notes that global USDT activity corresponds to that of China’s, suggesting that the amounts sent and received represent actual trades, and not simply market manipulation on the part of cryptocurrency whales — major token holders that can cause outsized effects on the market.
Bitfinex had previously reported that it is putting USDT on the Lightning Network, a Layer 2 payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin).
According to Jean-Louis van der Velde, CEO of Tether, the firm is planning to release USDT on the EOS Blockchain in the hopes of pushing blockchain interoperability.
“Combining the potential of both Tether and EOSIO is a further step towards blockchain interoperability and being on the forefront of this development is a fantastic feeling which further highlights our dedication to the maturation of the digital asset space,” said Van der Velde.
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