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Tether (USDT) is gaining much traction versus Bitcoin and Ethereum according to latest findings by CoinPayments

  • Reports suggest that Tether the stablecoin is increasing in its popularity.
  • Bloomberg cited cryptocurrency payment processor CoinPayments in the latest findings. 
Tether (USDT) is gaining much traction versus Bitcoin and Ethereum according to latest findings by CoinPayments
Ken ChigboKen ChigboIndependent Analyst

Stablecoin Tether (USDT) is largely increased in terms of its popularity, according to latest reports by Bloomberg, citing cryptocurrency payment processor CoinPayments.

CoinPayments on their site has a 2.4 million user base, Tether currently accounts for 30% of volume, which is 30 times more than a year ago.

Bitcoin application as a means of payment has seen a nearly 60% drop in volume from 80% last year, according to CoinPayments, while Tether has jumped ahead of Ether now in second place.

Head of operations are CoinPayments Sean Mackay said:

Merchants used to accept Bitcoin, Ethereum, Ripple and convert it into Tether in order to hedge against the volatility. Now we are seeing the payments just being done directly in Tether.

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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