Tether overtook PayPal and Bitcoin in average daily cost of transfers

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

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

The surge in USDT usage in recent months driven by 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 overtook PayPal and Bitcoin in average daily cost of transfers

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 argues that the rapid growth in demand for a digital product is due to the current economic situation in which people are interested in safer and more efficient payment methods instead of outdated banking and payment systems..

text: Ivan Malichenko, photo: Shutterstock, graphic: CoinMetrics

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