Tether, the world’s most valuable stablecoin by market capitalisation, has been gaining a lot of traction lately. The latest development is that Tether whales moved 110 million USDT from different crypto exchanges to different wallets in less than an hour between 3.35am GMT and 4.25am GMT on Monday morning.
These massive transactions were captured by Whale Alert, an advanced blockchain tracker and analytics system.
READ ALSO: Binance, Bitfinex, Coinbase, Huobi receive about 40% of all BTCs
? 19,999,851 #USDT (19,948,480 USD) transferred from unknown wallet to #Bitfinex
— Whale Alert (@whale_alert) July 20, 2020
Tether is ranked the 3rd largest cryptocurrency by market cap of $9.169 billion, with a daily volume of $16.4 billion.
READ ALSO: Tether expected to surpass Ethereum, based on strength of the U.S dollar
Data from a crypto analytic firm Coinmarketcap reveal that its total supply presently stands at about 9,479,177,442 USDT, with the number of its present circulating supply standing at 9,187,991,663 USDT, when this report was drafted.
Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
READ ALSO: Crypto-Scammers stole $24 million worth of BTCs in 2020
Stablecoins are used as quote currencies in crypto-asset trading pairs, far more than fiat currencies on most exchanges. Unsurprisingly, a large majority of stablecoin trading volume is dominated by Tether.
There are more USDT (Tether) quote pairs in our coverage (out of the exchanges in our sample) than all other stablecoin trading pairs combined.
The “Tether Treasury’s” USDT wallet has grown in recent times to become the top holder of the stablecoin, meaning that some crypto traders, and investors may have managed to successfully withdraw their stakes from circulation. The removal of about 29% of the total volume of Tether in circulation has recently coincided with a huge depletion in the amount of Tether held in 2 USDT wallets separately owned by Huobi and Binance.