As the cryptocurrency markets continue their bloodletting for a second week, the world’s leading cryptocurrency exchanges have been witnessing an exponential rise in stablecoin trading volume as crypto holders take refuge in fiat-tethered cryptos.
Over the previous 24 hours alone, BTC/USDT trading has accounted for just over 25% of all trades on the world’s leading cryptocurrency platform, Binance. Other USDT trading pairs – XRP/USDT, ETH/USDT, EOS/USDT and BCH-fork/USDT – account collectively for yet another 35% on the exchange [source: Coinmarketcap]
Similar Pattern Emerges on OKEx
On OKEx, the world’s second leading crypto exchange, a similar picture is emerging, with the top four trading pairs by trading volume once again dominated by USDT over the last 24 hours, and USDT representing two-thirds of all trading that has taken place over the same time-frame.
TrueUSD (TUSD) which has positioned itself as a more transparent alternative to Tether has also consolidated its position across all exchanges, with trading volume recorded at all time high of $86m on Wednesday of this week, just as the markets entered into a new freefall.
The markets have continued their decline over the previous 24 hours – although at a much slower rate that what has been witnessed over the course of the week – falling from a combined market value of $141.2bn at 12:00 UTC yesterday to $139.0bn at the time of writing (12:00 UTC).