{"id":490455,"date":"2022-05-13T23:00:09","date_gmt":"2022-05-13T23:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=490455"},"modified":"2024-06-11T14:19:50","modified_gmt":"2024-06-11T14:19:50","slug":"investors-make-for-stablecoin-hills-as-usdt-volume-touches-all-time-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/investors-make-for-stablecoin-hills-as-usdt-volume-touches-all-time-high\/","title":{"rendered":"Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High"},"content":{"rendered":"

With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. USDT volume across the Ethereum blockchain shows that investors are ramping up their activities in these stablecoins.<\/p>\n

USDT Provides Much-Needed Cover<\/h2>\n

Through the crypto market downtrend, only a handful of cryptocurrencies have managed to retain their values. They were all stablecoins, and although some of them had lost their peg, the majority had been able to retain and provide some much-needed cover for investors. The sheer amount of volume of USDT being moved by investors on a daily basis is a testament to the fact that investors are converting to stablecoins to weather the bear market.<\/p>\n

Related Reading |\u00a0Market Downtrend Trigger Bitcoin Inflows From Institutional Investors<\/a><\/strong><\/em><\/p>\n

On May 12th, the volume of Tether USD being transacted on the Ethereum network reached a new all-time high<\/a>. Data shows that more than $33 billion worth of USDT was moved across the network. This is significantly higher than the $24.5 billion in USDT that was transacted on February 4th, 2021, the previous all-time high.<\/p>\n

\"USDT<\/p>\n

USDT-U.S. Dollar peg at $0.9990 | Source: USDTUSD\u00a0 on TradingView.com<\/a><\/pre>\n
However, the motives behind both records had been the same; investors getting out of highly volatile digital assets into an asset that offered a measure of stability. These investors did not wish to cash out their digital assets to fiat currencies just yet and assets like USDT or USDC provide the perfect place to park funds while waiting out the bear market.<\/p>\n
Ethereum Fees Skyrocket<\/h2>\n
One thing that investors moving into stablecoins such as USDT has brought with it is increased transaction fees on the Ethereum network. With so much volume being moved across hundreds of thousands of transactions, the network is expectedly congested and as such would have to increase gas fees to be able to process these transactions.<\/p>\n
Related Reading |\u00a0Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies<\/a><\/strong><\/em><\/p>\n
This was the case on May 12th as the network had recorded a large number of transactions. Gas fees on the network for a single USDT transaction were shown to have risen as high as $20<\/a> during this one-day period. As many as 182,000 Tether transactions had been carried out in the 24-hour period.<\/p>\n
Despite this high demand for the stablecoin though, the market cap has not reflected this. Instead of increasing, it is down by 3.34% in the last 24 hours. Nevertheless, it remains an investor favorite as it is the largest stablecoin in the market.<\/p>\n
At the time of writing, one USDT is selling for $0.9988, maintaining a close peg to the U.S. dollar.<\/p>\n
Featured image from Wccftech, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. USDT volume across the Ethereum blockchain shows that investors are ramping up their activities in these stablecoins. USDT Provides Much-Needed Cover Through the crypto market downtrend, only a handful of cryptocurrencies have managed to retain their values. They were all stablecoins, and although some of them had lost their peg, the majority had been able to retain and provide some much-needed cover for investors. The sheer amount of volume of USDT being moved by investors on a daily basis is a testament to the fact that investors are converting to stablecoins to weather the bear market. Related Reading |\u00a0Market Downtrend Trigger Bitcoin Inflows From Institutional Investors On May 12th, the volume of Tether USD being transacted on the Ethereum network reached a new all-time high. Data shows that more than $33 billion worth of USDT was moved across the network. This is significantly higher than the $24.5 billion in USDT that was transacted on February 4th, 2021, the previous all-time high. USDT-U.S. Dollar peg at $0.9990 | Source: USDTUSD\u00a0 on TradingView.com However, the motives behind both records had been the same; investors getting out of highly volatile digital assets into an asset that offered a measure of stability. These investors did not wish to cash out their digital assets to fiat currencies just yet and assets like USDT or USDC provide the perfect place to park funds while waiting out the bear market. Ethereum Fees Skyrocket One thing that investors moving into stablecoins such as USDT has brought with it is increased transaction fees on the Ethereum network. With so much volume being moved across hundreds of thousands of transactions, the network is expectedly congested and as such would have to increase gas fees to be able to process these transactions. Related Reading |\u00a0Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies This was the case on May 12th as the network had recorded a large number of transactions. Gas fees on the network for a single USDT transaction were shown to have risen as high as $20 during this one-day period. As many as 182,000 Tether transactions had been carried out in the 24-hour period. Despite this high demand for the stablecoin though, the market cap has not reflected this. Instead of increasing, it is down by 3.34% in the last 24 hours. Nevertheless, it remains an investor favorite as it is the largest stablecoin in the market. At the time of writing, one USDT is selling for $0.9988, maintaining a close peg to the U.S. dollar. Featured image from Wccftech, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":490456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12254,10923,11164,15241,16680,10263,85059],"class_list":["post-490455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-crash","tag-crypto-market","tag-stablecoin","tag-stablecoins","tag-usdc","tag-usdt","tag-ust"],"acf":[],"yoast_head":"\nInvestors Make For Stablecoin Hills As USDT Volume Touches All-Time High<\/title>\n<meta name=\"description\" content=\"With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High","url":"http:\/\/wncen.com\/news\/investors-make-for-stablecoin-hills-as-usdt-volume-touches-all-time-high\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/investors-make-for-stablecoin-hills-as-usdt-volume-touches-all-time-high\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/tether.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/tether.jpeg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto crash","crypto market","stablecoin","stablecoins","usdc","usdt","ust"],"dateCreated":"2022-05-13T23:00:09Z","datePublished":"2022-05-13T23:00:09Z","dateModified":"2024-06-11T14:19:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/investors-make-for-stablecoin-hills-as-usdt-volume-touches-all-time-high\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/investors-make-for-stablecoin-hills-as-usdt-volume-touches-all-time-high\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/tether.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/tether.jpeg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto crash\",\"crypto market\",\"stablecoin\",\"stablecoins\",\"usdc\",\"usdt\",\"ust\"],\"dateCreated\":\"2022-05-13T23:00:09Z\",\"datePublished\":\"2022-05-13T23:00:09Z\",\"dateModified\":\"2024-06-11T14:19:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/tether.jpeg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/490455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=490455"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/490455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/490456"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=490455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=490455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=490455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}