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Original title: "Why does the market value of USDT grow faster than Bitcoin and Ethereum?" "Original source: LongHash
Maybe different from what most people guessed, 2020 The fastest growing market value in the field of digital currency in 2019 is not Bitcoin bought by users of Cash App, a popular mobile payment application among young people in the United States, nor is it Ethereum, which has developed rapidly due to the application of DeFi (decentralized finance) technology. USD stablecoin Tether (USDT).
So far in 2020, the total market value of digital currencies has increased by 106.74%. Among the top five digital currencies, Tether has the fastest market value growth, with a year-to-date growth of nearly 3 Times, becoming the world's third largest cryptocurrency by market capitalization, with a valuation of about 16 billion US dollars.
Tether does a "stable" business in a volatile market.
Tether is a digital currency anchored to the US dollar. Tether was created by Bitfinex to solve the problem of stable exchange rates for digital currency transactions, and it has played an extremely important role in the trading market since day one. According to Chainalysis data, digital currency transactions are the main demand for USDT. In the past six months, 97.9% of the newly minted USDT was directly transferred from Tether’s official account to the exchange.
Compared with different types of trading platforms, the recent USDT inflow of funds into derivatives trading platforms has the highest growth rate, with an average growth rate of 248% in the past 7 days compared to 180 days.
In 2020, with the intervention of hedge funds and financial institutions, the demand for derivatives will increase. In the digital currency trading market, the most popular product is the "reverse swap contract" (BTC-based derivatives). This historical origin comes from before Tether was accepted by the market. Derivatives". With the rise of emerging derivatives trading platforms (such as FTX, Binance Futures), they have launched various "USDT-denominated derivatives" and have been recognized by retail traders. Whether it is a trading platform, a market maker or a trader, a large amount of USDT will be required to gain exposure.
TheBlock's BTC derivatives position data shows that the USDT-based BTC perpetual swap position has increased by about 300% year-to-date on the Binance Futures platform, while the famous The total position of the reverse derivatives trading platform BitMEX has dropped by nearly 38% year-to-date, and the USDT derivatives market is becoming more and more vigorous.
The heavy users of digital currency come from emerging markets, usually many from Eastern Europe, Africa, South America and East Asia. The top three countries in the global digital currency penetration rate are Ukraine, Russia and Venezuela.
Due to the many uncertainties brought about by 2020, according to Google Trends data, the global market’s attention to Tether has tripled in the past year, far from The demand for onshore finance has risen rapidly.
From the data on the liquidity held by USDT, it can be seen that the usage behavior of the stablecoin Tether is nearly 5 billion U.S. dollars, which is classified as illiquid, which also accounts for the majority , in addition to being used for market transactions, it is also considered by the market as a value storage target.
With the aging of the Omni protocol, most Some of the on-chain Tethers are in the Ethereum network. In recent years, more and more other competing public chains (such as Tron, EOS, Algorand, etc.) and Layer 2 expansion network (OMG) have issued USDT.
Tether's CTO (Paolo Ardoino) said that the migration of USDT to the OMG network will reduce costs and slow down the congestion of the Ethereum network.
Tether also issued a $15 million privacy stablecoin on the sidechain liquid created by blockstream in January 2020, and monitoring tools cannot monitor its transaction details.
At present, more and more blockchains and protocols are supporting USDT. In addition to Ethereum and Tron, which are the public chains carrying the largest Tether, there are also Many protocols are also issuing stablecoins, such as BCH's Simple Ledger (SLP), and the stablecoin ecosystem is becoming more and more diverse to meet the needs of different segments.
In addition to USDT, the current common competition is stable The largest digital currency is USDC, and there is also a decentralized stablecoin Dai that is over-collateralized by digital currency. At present, competing stablecoins account for about 32% of the USDT circulation market value and are gradually rising. Although they do not constitute direct competition with Tether, participants in the stablecoin field are becoming more and more diversified.
Although the stable currency business is getting bigger and bigger, the biggest challenge is compliance and cross-border supervision. After the "Paradise Papers" and hacking incidents in 2017, USDT has always been regarded as the last straw of systemic risk. In 2019, New York state prosecutors brought its parent company IFinex Inc and Bitfinex to court. In September 2020, the New York Attorney General's Office continued to conduct an in-depth investigation into Ifinex's use of Tether to make up for Bitfinex's $850 million loss in 2019. It can be seen that although stablecoins have developed into the cornerstone of the blockchain industry, they are also facing many challenges.
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发表于 2025-10-31 23:08:53