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According to a report by Diar, Chinese stablecoin trading and volume account for more than half of the cryptocurrency transactions worldwide. The report comes as a surprise because of a previous report which claimed that some of the western countries were way ahead at least in terms of Bitcoin exchange transaction volume. However, the latest data shows that China dominates the global crypto trading trends.
So far this year, the Chinese crypto market has seen more trading than in all of 2017. Previously, it was claimed in some reports that the majority of the transactions in the crypto trading for some major cryptocurrencies such as Bitcoin and Ethereum is fake and is designated to manipulate the prices. However, the figures by an independent crypto research firm, Diar, show that people are interested in cryptocurrencies and the freedom that they bring.
The most important milestone for cryptocurrencies to achieve is the adoption by the general populous. Through this adoption will cryptocurrencies and blockchain reach their true potential and, for the crypto romantics, free the world from the grips of banks and financial institutions which hold the world’s economy hostage.
China Is Responsible for 60% of Tether’s Stablecoin Trading Volume
The U.S. only accounts for 3% of the total volume of global on-chain demand for Tether (USDT), while Chinese cryptocurrency exchanges facilitate 60% of all the trading of the stablecoin Tether, according to the report. This boils down to a mere $450 million of USDT traded by the U.S., while Chinese exchanges account for over $10 billion in USDT trading in 2019 so far. Another big portion, 31 percent, of the Tether’s global trading can be attributed to exchanges Binance and Bitfinex.
Tether has recently seen a lot of development in regards to its worldwide and cross-platform adoption. Tether’s sister company and crypto exchange Bitfinex has announced plans to put USDT on the Lightning Network. Furthermore, Tether announced that USDT is also being released on the EOS blockchain. Tether CEO Jean-Louis van der Velde boasted that the prospect of releasing Tether on the EOS blockchain provides greater blockchain interoperability. He stated:
“Combining the potential of both Tether and EOSIO is a further step towards blockchain interoperability and being on the forefront of this development is a fantastic feeling which further highlights our dedication to the maturation of the digital asset space.”
The report by Diar concludes that the cryptocurrency global transaction volumes match the numbers seen in China, which translates to the authenticity of these trading volumes. Diar rejects the notion that the trading volumes only represented some of the biggest crypto whales shedding some of their reserves, implying that the transactions are real and authentic.