Tether (USDT) has overtaken Visa in daily trading volume
According to data from Lookonchain, stablecoin Tether (USDT) has surpassed Visa in daily trading volume.
USDT reached $53 billion in daily trading volume, compared to Visa's average volume of $42 billion.
This achievement reflects the growing dominance of stablecoins, with USDT leading by market cap. The data of nansen since April show that the three largest stablecoins by market capitalization – USDT, USDC и DAI – have a total monthly trade volume of $1.369 trillion, surpassing Visa's average of $1.23 trillion based on 2023 data.
Tether's recent developments likely contribute to this trend, including its support for blockchain and digital asset learning, as well as the launch of Tether Gold, a gold-backed synthetic dollar.
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Top 4 Cryptocurrencies to Avoid Next WeekDespite the bearish crypto market, stablecoins like USDT are performing well. Token Terminal has seen a 10x increase in monthly stablecoin transfer volumes over the past four years, with USDT playing a significant role.
Stablecoins are increasingly seen as viable alternatives to traditional payment methods.
However, the rise of stablecoins has caught the attention of regulators. For example, some EU-based crypto firms, such as Uphold, have suspended most stablecoins to comply with MiCA regulations. Tron's USDT in particular has faced scrutiny due to its alleged use in illegal activities. Reports by Chainalysis and the United Nations highlight its use in Asian money laundering, illegal gambling, cybercrime and fraud, mainly due to its price stability and low transaction fees.
Tether expressed its disappointment with these accusations, highlighting the benefits of USDT for developing economies in emerging markets. The company also cooperates with the authorities in the fight against illegal activities, including the freezing of funds related to crimes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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