Two popular analytics providers, Skew and Glassnode, have shared USDT data that may sound positive to holders and users of this widely used stablecoin from Tether.
Growth in USDT-margined futures almost level with BTC futures
According to data from Skew analytics supplier, USDT-margined futures contracts have shown a major rise this year.
Now, the amount of futures contracts based on the most popular stablecoin is almost the same as Bitcoin-margined futures on a daily basis. The post was retweeted by Tether CTO Paolo Ardoino.
This data clearly shows a major rise in the interest of institutional investors in Tether's stablecoin.
USDT transaction volume surpasses 600,000,000,000
Glassnode has shared data according to which the cumulative USDT transaction volume has surged above a whopping 600 bln, totaling 600,000,880,895 USDT at press time.
USD-based stablecoins, with USDT being most popular and controversial among them, are used in the majority of trading pairs. Traders often acquire such major crypto assets as Bitcoin and Ethereum, paired with USDT.
Besides, the growth of USDT-margined futures contracts is also connected with data provided by Glassnode; this is similar to another fact reported by this agency regarding active USDT addresses.
The amount of active USDT wallets (1-day MA) has hit a three-month high, rising from 9,513.250 to the current value of 9,535.375.
Alex Dovbnya
Denys Serhiichuk
Tomiwabold Olajide