Tether Surpasses VISA in Trading Volume

Stablecoins have become increasingly popular in recent years, with the trading volume reaching a new record. In fact, Tether (USDT) recently reached a 24-hour trading volume of $53 billion, surpassing Visa’s average daily trading volume for the first quarter of 2024, which was $42 billion.

The development shows rapid growth and increasing use of USDT on the TRON network. With over 45.5 million holders and a total number of transactions of more than 1.8 billion, it’s an impressive feat. The company manages billions of transactions in more than 200 countries and regions.

The demand for stablecoins like USDT is increasing, especially amid a decline in the crypto market. Since January 2023, USDT transaction volume on the TRON network has been steadily increasing, averaging approximately two million transactions per day since February.

Stablecoins increasingly offer an alternative in economies around the world where the local currency is failing. Examples of this are Argentina and Venezuela, which experience extremely high inflation.

Crypto giant Tether beats one of the largest payment processors in the world

According to dates from analytics platform LookOnChain, Tether (USDT) reached a 24-hour trading volume of $53 billion. It surpassed Visa’s average daily trading volume for the first quarter of 2024, which was $42 billion.

The developments show rapid growth and increasing use of USDT on the TRON network. It currently has more than 45.5 million holders and a total number of transactions of more than 1.8 billion.

It’s an impressive feat, especially considering that Visa is one of the largest payment processors in the world. The company manages billions of transactions in more than 200 countries and regions.

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Why are stablecoins in demand?

Demand for stablecoins like USDT is increasing, especially amid a decline in the crypto market. Since January 2023, USDT transaction volume on the TRON network has been steadily increasing, averaging approximately two million transactions per day since February.

We also see that stablecoins increasingly offer an alternative in economies around the world where the local currency is failing. Examples of this are Argentina and Venezuela, which experience extremely high inflation.

Ripple CEO critical of Tether

Despite its success, Tether has also faced criticism. Recently, Ripple CEO Brad Garlinghouse lashed out at the largest stablecoin, sparking strong reactions. Garlinghouse suggested that “the US government is going after Tether” to gain more control over stablecoin issuers.

Tether is under pressure due to allegations of inadequate auditing and market manipulation. However, Tether CEO Paolo Ardoino reacted strongly by calling Garlinghouse an “uninformed CEO.” Jan3 CEO Samson Mow suggested the comments were unfounded.

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