Tether volume hits $600B as it attempts to take on Bitcoin as crypto's benchmark

The latest data from analytics providers suggest that cumulative Tether transaction volume has just surpassed $600 billion as it begins to dominate crypto exchange trading.

On-chain analytics provider Glassnode has revealed that Tether transaction volume increased by around 20% over the past 30 days to reach that new cumulative milestone.

The same two analytics providers report Bitcoin's daily transaction volume at between $20 and $25 billion which gives Tether a clear lead for this metric.

The ERC-20 standard still dominates the USDT supply with almost 65% of all Tether living on the Ethereum blockhom.

Analytics provider Skew noted that futures contracts based on Tether have now caught up with those based on Bitcoin.

Tether only accounted for only a tiny fraction of the trade volume in 2017, with the benchmark Bitcoin commanding over 50% of trades and fiat taking the rest.

Currently, Tether's market cap is around 38% of Ethereum's but further growth for both is expected.

In response to the report, Tether CTO Paolo Ardoino stated;.

"Tether once again proves itself to be one of the most trusted assets in the crypto space."

With Tether now interwoven into the fabric of the entire cryptosphere, there's a lot riding on the outcome of that case.