On Solid Ground: Stablecoins Thriving Amid Financial Uncertainty
Cointelegraph
Published Aug 02, 2020 01:00AM ET
Updated Aug 03, 2020 03:00AM ET
As a new COVID-19 stimulus bill is debated in the United States Senate and Bitcoin (BTC) begins to bounce back from its volatility lows, the demand for stablecoins continues to grow. Powered both by the stability that they provide to tokenholders and the demand created by decentralized finance lending and yield farming, stablecoins — Tether (USDT) in particular — continue to hit record figures consistently.
According to a report by cryptocurrency data and research firm Messari, USDT may soon become the cryptocurrency with the greatest daily transaction volume in terms of U.S. dollars transferred across all Tether-enabled blockchains. According to Ryan Watkins, research analyst at Messari, that may happen sooner rather than later. He told Cointelegraph: “USDT certainly could flip Bitcoin in transaction volume in August, and if not then sometime soon after. Stablecoins as a whole have already flipped Bitcoin in transaction volume.”
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Written By: Cointelegraph
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