According to Cointelegraph reported on February 1, the latest data from the crypto data website Coin Metrics shows that the USDT tokens move very frequently, with an average transfer every 8 days.
Image source: flickr
- How to understand "token economics"?
- US Montana legislation recognizes functional token exemption securities laws, and global regulation goes one step further
- U.S. SEC proposes amendments to securities issue exemption rules involving token issuance
- There is a strong correlation between BTC price movements and active addresses, but not all tokens.
On January 31, Coin Metrics posted on its Twitter account that "12 months of tracking data show that since September last year, Tether tokens on Omni, Ethereum and Tron The frequency of transfers continues to increase rapidly and is currently at the highest level in history. On average, each USDT is transferred more than 46 times a year. "
USDT movement on three blockchains
Tether is one of the earliest stablecoins operated by the crypto industry, and originally built a token anchored to the US dollar on the Bitcoin's Omni token layer. Tether also runs on the Ethereum blockchain in the form of ERC-20 tokens.
A few years after its birth, Tether issued USDT on the TRON blockchain in 2019 as an additional market option.
According to a tweet from Coin Metrics, in terms of how often each USDT token moves from any given location, the number of USDT transactions on all three blockchains has reached an all-time high.
According to the values listed by Coin Metrics, each UDST on the market averages about 46 transfers per year. Based on 365 days of the year, this means that USDT transfers occur approximately every 8 days.
This mobile data shows that even though Tether has been subject to bankruptcy suspicions, lawsuits and questions for many years, USDT has still been used by the market normally.
As early as the end of 2017, relevant authorities summoned Tether and Bitfinex, the exchange it allegedly linked to. In 2018, a law firm issued a statement stating that USDT has sufficient US dollar support. As of recently, Bitfinex has been the focus of discussions in the industry, and it faced four lawsuits in 2017 for allegedly manipulating the market.
Cointelegraph tried to contact Coin Metrics for more comments, but has not received any response as of press time.