Tether Daily Transaction Volume hits all time high

Tether (USDT), the most widely used fiat-pegged stablecoin, has reached a record high by the number of daily transactions, according to blockchain data provider Coin Metrics.

On 31 March, the number of Tether transactions reached a peak of 38,150, which marks a new milestone in the introduction of the main stablecoin launched in 2015.

Tether all-time transaction volume. Source: Coin Metrics

At the time of the press, Tether becomes the second highest cryptocurrency by the daily trading volume at $ 9.4 billion, while the daily trading volume of Bitcoin (BTC) is $ 10.2 billion, according to CoinMarketCap data.

Tether has long been the subject of controversies in the crypto community after being criticized for Bitcoin price manipulation in 2017. Crypto investor and entrepreneur Michael Novogratz also condemned Tether for the alleged lack of transparency.

Although reportedly tied to the US dollar on a 1: 1 basis, Tether was also suspected of running a fractional reserve while issuing more tokens than they had backed up and transferring them to Bitfinex crypto exchange send. After a summons by US regulators on both Bitfinex and Tether, Tether ordered an unofficial check, which showed that stablecoin had the right amount of back-end dollars.

In mid-March, Tether re-focused after social media users had noticed an update on the Tether website, stating that USDT is not fully supported by US dollars and may include other assets and claims on Tether loans to third parties.

Stablecoin projects have become increasingly popular lately. The Universal Protocol Alliance recently announced the launch of its own euro-linked stablecoin in April.

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