Tether issued a stable 24-hour trading volume of anchored offshore RMB, only 0.1BTC

According to Bitfinex exchange data, Tether 's three sets of CNHT ( ancillary offshore anchored currency ) trading pairs (including BTC/CNHT, USDT/CNHT, CNH/CNHT) have a total 24-hour trading volume. 0.1BTC.

CNHT transaction pair

In August of this year, Zhao Dong, founder of DGroup and shareholder of Bitfinex, issued a circle of friends, and Tether will issue CNHT (a stable currency anchored offshore RMB) in September this year. RenrenBit, the cryptocurrency trading platform under its name, will open the transaction and recharge the cash withdrawal in the first time. It also publicly stated that the issuance of CNHT aims to encourage Tether to rely less on the US dollar stable currency and promote the circulation of offshore RMB.

The transaction of anchoring CHNT has been on the line for nearly two months. From the K-line chart, these transactions are not liquid. BTC/CNHT has repeatedly appeared for 24 hours in a row for a few days.

BTC/CNHT fluidity

As of October 30, the CNT/CNHT transaction has a trading volume of only 60CNHT for 24 hours, equivalent to RMB 60, and there are two consecutive weeks when the trading volume is 0 in 24 hours.

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CNT/CNHT fluidity

Jincheng Tongda Law Firm Zhang Wei once told Caijing.com that the main users of Tether are China, China and the United States, which are the largest markets for cryptocurrencies. Tether and Bitfinex, which are blocked in the United States, hope to stabilize them through CNHT. The stable currency share of the Chinese market. However, from the perspective of the liquidity of BTC/CNHT , USDT/CNHT and CNH/CNHT , CNHT has not played a role in boosting. Tether still needs to rely on USDT to maintain its dominant position in the stable currency market.

Dapptotal data shows that the current stable market value of the market reached 5.65 billion US dollars, of which USDT's market share is over 81%, the market value is nearly 4.2 billion US dollars, and the remaining 12 emerging stable currencies account for less than 20% of the remaining.

Dapptotal stable currency market value

The main trading force of USDT was gradually transferred to the Chinese market. According to Diar data, USDT's trading volume on the China Exchange was up in 2019. As of the second quarter of 2019, the USDT's USDT transaction volume exceeded US$10 billion, accounting for 62% of USDT's chain trading share, while the US USDTT transaction volume decreased from 39% in the fourth quarter of 2017 to 3%, that is, in the United States, only USD 450 million worth of USDT was traded in 2019, which is nearly $10 billion less than the USDT chain transaction in China. According to the research report, USDT mainly flows to OKEx, Firecoin, Coin, Poloniex and Bittrex.

Diar

On the Tether Rich List, the top ranked addresses are currently dominated by the three exchanges of Binance, Fire, and Okex. The USDT balance of the Binancecoin exchange totaled nearly 550 million, the USDT balance of the Marcoon exchange exceeded 200 million, the USDT balance of OKEX was approximately 25 million, and the USDT balance of the three exchanges accounted for nearly 20% of the total USDT circulation.

Tether Rich List

Since the New York State prosecutor sued Bitfinex and Tether for suspected fraudulent users in April this year, Bitfinex and Tether have intentionally turned the market from the US to China, and they have publicly stated that they do not provide trading services to residents in the United States.

Author: LornaQ

Source: Financial Network · Chain Finance

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