Tether USDT's 24-hour trading volume exceeds the combined total of the next five digital assets, including bitcoin and ethereum.
Reflecting on Tether’s dominance in trading volume provides insight into market liquidity. CryptoSlate According to the data, Tether (USDT) has a higher volume than bitcoin (btc), ethereum (eth), USD Coin (USDC), Solana (SOL), and First Digital USD (FDUSD), indicating its significant presence in the market. Specifically, Tether recorded a 24-hour volume of over $55 billion, far surpassing bitcoin’s $28 billion and ethereum’s $15 billion.
With a market cap of over $112 billion, trading patterns also show that Tether’s volume has been consistently strong throughout 2024, peaking at $130 billion on March 16. Tether’s stability and frequent use in trading pairs make it a preferred choice for traders looking to hedge against volatility.
These volume The statistics reflect broader market trends as Tether provides both liquidity and stability. Tether regularly reaches daily transaction volumes exceeding $25 billion, reinforcing its status as a key liquidity provider in the cryptocurrency ecosystem.
According to data from Glassnode, throughout 2024, bitcoin and ethereum have seen around $4-8 billion traded per day, far below Tether’s volumes.
Tether’s high transaction volume compared to other major digital assets illustrates its integral role in daily trading activities and the broader market strategy employed by traders and institutions. This continued high transaction volume signifies trust and reliance on Tether’s stability and accessibility, making it indispensable for the efficient functioning of the market.
While Tether has historically faced challenges regarding its reserves and their use in illicit activities, these volumes show its resilience in combating these claims. Tether CEO Paolo Ardoino recently told CryptoSlate that Tether is currently overcollateralized and that the firm’s profits are placed back into reserves to strengthen its stability.
Furthermore, Ardoino discussed how Senator Warren had discouraged accounting firms from working with Tether, which had hampered its ability to use one of the top four accountants in the United States to conduct audits. The CEO stated that Tether is continually looking to hire one of the leading firms, but has all but given up on that happening anytime soon, regardless of its efforts to do so.
