The daily average of volumes transferred to Tether (USDT) exceeded not only Bitcoin’s, but also PayPal’s.
This is revealed by CoinMetrics, according to which on August 20 the 7-day average value transferred daily exceeded 3.55 billion dollars, compared to 2.94 billion Bitcoin.
Therefore USDT is not only more traded than BTC, it not only generates more transactions, but also moves more volume.
According to CoinMetrics also stablecoins are more and more used in popular Bitcoin System applications, like Uniswap and Curve, which probably played a role in this recent increase of Tether trading volume.
As you can see from the chart, until March 2020 the average daily USDT trading volumes were always much lower than BTC, except on rare occasions, but since July Tether has first reached and then surpassed Bitcoin.
This figure is sensational, however, especially when compared to PayPal.
In fact, PayPal’s official report on the second quarter of 2020 states that the Total Payment Volume (TPV) for the quarter was 222 billion dollars, or a daily average of 2.94 billion dollars, as revealed by economist John Paul Koning on Twitter.
Therefore, the daily volume reached on August 20 from USDT is also higher than the average recorded on PayPal from April to June.
This comparison is even more sensational in light of the fact that on PayPal is exchanged fiat money in common use, while USDT is a token crypto still used by a small niche of people.
However, on the other hand, it must also be said that most of the USDT volumes are generated by the exchanges, while the same cannot be said of PayPal, used much more for example for online purchases on e-commerce sites.
Therefore these are two different uses of two similar but different forms of money, albeit with the same value.
From its own, USDT has the double advantage that it can also be used anonymously, and has no imposed limitations, while PayPal is accepted almost everywhere and allows a lower level of risk.
However, given that until July 2020 the average daily volumes of USDT had never exceeded 2 billion, and given that the threshold of one billion dollars per day was only exceeded in March this year, in addition to a single peak at the end of 2019, we can expect further growth in these volumes, perhaps even well beyond the current levels of PayPal.