UK’s HMRC seeks to identify cybercriminals using ‘blockchain-analysis tool’
Will Bitcoin SV ‘Genesis’ Hard Fork Cause Another BSV Price Pump?
Ethereum Price Analysis: ETH Primed For Fresh Rally
Literal Welfare Queen Elizabeth Should Follow Harry and Meghan’s Exit
Bitcoin correlation may still be legitimizing entire asset class
This Lone Crypto Whale Just Moved $445,000,000 in Bitcoin (BTC) for Only 23 Cents
21 January 2020 - BTC/ USD – Hourly
Tone Vays Says Bitcoin (BTC) Is Already 'Faster and Cheaper' Than Bitcoin Cash (BCH). Here's Why
Bitfinex Launches Sub-Account Feature Amid Growing Institutional Demand in Crypto
Bitcoin [BTC] Price Breaks Support from Bear Pattern, but Holds Bulls above $8500
Binance CEO responds to Chainalysis report; says data should be publicly available
Indian Minister Believes Blockchain Can Transform Government Schools
How to get Free XTZ From the Tezos Foundation Faucet
Bitcoin (BTC) Price Could Tank to $8,000. Can Things Get Worse for Bulls?
Ripple (XRP) Just Reversed and $0.25 Is Imminent, Here’s Why
Bitcoin Price Won’t Go Down Quietly: Risk of Bounce Grows
Another Bitcoin Hashrate All-time High has Been Recorded
New Taxation Proposal can Boost Cryptocurrency Merchant Adoption » The Merkle Hash
Cryptocurrency Needs Fair Taxation: US Lawmakers Introduce Supportive Legislation
Are We At “Peak-Unicorn” Yet?
‘Blockchain, not Crypto’ – Samson Mow explains why Bitcoin Lightning and Liquid are Unique
Is This Why Bitcoin SV Climbed Another 20% In the Last 24 Hours?
UK Contract Seeks Software to Track Cryptocurrency Use
There Are Still Grounds For impeachment Even Without ANY Crime
CME's Futures Options Sprinted Out of the Gate but a Marathon Lies Ahead
119 Addresses Control 64% of Tether’s Circulating Supplyopen_in_new
New statistics have come out on Tether’s on-chain activity. It points towards a stablecoin concentrated in a few addresses that nonetheless remains popular albeit controversial.
Tether (USDT) remains one of the most controversial cryptocurrencies in the entire industry. As BeInCrypto has previously reported, the project is now facing a record $1.4T lawsuit for manipulating Bitcoin markets in 2017. It has also been linked to the notorious Paradise Papers, which showed that Bitfinex and Tether are essentially the same.
Despite these controversies, Tether has remained resilient and its dominance over the industry has only grown in 2019.
Despite the widespread skepticism towards Tether, it’s on-chain stats continue to shine.
As IntoTheBlock reports, the volume of transactions over $100,000 was, in total, $3.52B for just the last 7 days. The average time USDT is held is 21.2 days, which may be an indicator that many in the cryptocurrency market are still sitting on the sidelines with their USDT.
Let's talk about #Tether and provide you with a few on-chain fundamentals:
– There are 119 addresses that control 64% of the circulating supply – In the last 7 days, the total volume of large transactions (greater than $100k) was $3.52b – The avg the token is held: 21.2 days
— intotheblock (@intotheblock) December 12, 2019
However, on-chain metrics also show a tendency towards the centralization of control of the total circulating supply. 119 addresses currently control 64% of the entire circulating supply of USDT. If we take 64% of the current circulating supply and divide it by 119 addresses, that would mean that 22M USDT is the average amount held by these top addresses.
The fact that 119 addresses are hoarding at an average of 22M USDT is strange. Who is entrusting so much of their wealth with Tether? The question remains a mystery.
Despite persistent controversies and lawsuits, Tether’s dominance has not abated in 2019 but has actually grown stronger.
On-chain statistics clearly demonstrate that USDT is still the stablecoin-of-choice for most of the market. As of now, USDT total trading volume is $19.6B which is higher than Bitcoin’s. As BeInCrypto reported in August, Tether now commonly boasts higher trading volume than Bitcoin. This has become the “new normal.”
Tether has effectively monopolized the stablecoin industry through a concerted effort that involved exchanges, minting billions of USDT, and migrating its tokens to other blockchains like TRON or Ethereum. In effect, Tether has cemented such a strong place in the market that it has become near-impossible to topple.
The second-largest stablecoin, USD Coin (USDC), has been rising in 2019 but still pales in comparison to Tether. USDC currently boasts a market capitalization of $477M whereas USDT has a market capitalization of $4.1B. Yesterday, BeInCrypto reported that $2.8M of fresh USDC was minted.
Images are courtesy of Twitter, Shutterstock.