March 28, 2024

Tether overtook PayPal and Bitcoin in average daily cost of transfers

Tether overtook PayPal and Bitcoin in average daily cost of transfers

In August, USDT users averaged more than $ 3.55 billion in transactions per day, which is 20% and 46% higher than those for Bitcoin and PayPal, respectively.

According to the PayPal report forsecond quarter, on average, the company processed payments worth $ 2.43 billion per day.According to CoinMetrics, in the first 20 days of August, Bitcoin users made transactions worth $ 2.94 billion daily.

Tether overtook PayPal and Bitcoin in average daily cost of transfers

The surge in USDT usage in recent months is driven by the hype around decentralized finance products and token exchange protocols.In parallel with the increase in demand for stablecoin, the volume of its supply has also increased, which has grown by 225% since the beginning of the year, reaching $ 13 billion.

Tether is currently the second largest source of fees on the Ethereum network, with $ 8.6 million in gas consumption per month.

The stablecoin team claims rapid growthdemand for a digital product is driven by the current economic situation in which people are interested in safer and more efficient payment methods instead of outdated banking and payment systems.

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