October 31, 2019 at 7:33 pm UTC · 3 min read
During the past week, the total amount of transactions larger than $100,000 in USDT reached $7.3 billion, which represents an increase of 109.82 percent compared to the week before that. Data from IntoTheBlock has also shown that the overall number of USDT transactions has been on the rise in the past three months, as was the average transaction size.
Large transactions on Tether reach $7.3bn volume in the past week
Created to provide liquidity to cryptocurrency exchanges, Tether’s mentions in the crypto media always seem to focus on the controversy surrounding the coin. Whether it questions about the coin’s lack of transparency when it comes to fiat backing or accusations from the U.S. Attorney General of fund manipulation, there never seems to be a dull moment for Tether.
This time, however, the controversial stablecoin made the news due to the extremely large trading volume recorded in the past week, which seems to indicate that there’s no bear market for Tether.
According to data from the blockchain analytics firm IntoTheBlock, the total amount of transactions larger than $100,000 in USDT was $7.3 billion.
Number of transactions with a value of $100,00 or greater (Source: IntoTheBlock)
The company said this was a “huge” deal for Tether, as it represented a 109.82 percent increase when compared to the previous week. In comparison, on Oct. 26, there were just under 3,000 large transactions on the network, with a total volume of just over $1 billion. The average balance of the transactions was around $363,000, the company said in a tweet.