Uncovering a reality: China is currently dominating the USDT market
This week, the recognised crypto research institute Diar and the Investigation Center Chainalysis released a special report about the status quo of the Chinese crypto market. For the surprise of many, the discoveries showed that the demand for Tether (USDT) is significantly high, exceeding $10 billion this year. The main reason? China.
Chainalysis software has been monitoring USDT flow of funds during the last couple of months and the investigation concludes that Tether market capitalisation is at record highs, as well as the number of tokens in circulation and on-chain trading volume.
The most recent report issued by Diar described the variations in the number of USDT received since 2017. During Q4 2017 US On-chain trading volume was 39% compared with 12% in China. In 2018, that percentage started to shift considerably, with US markets losing the first place and China representing 39% of the transactions during the bear market. Remarkably, in 2Q 2019 China exchanges represent 62% of all Tether transactions.
Source: China Special Report. Volume 3, Issue 17. June 3, 2019
Tether percentage change across regional exchanges is questioning the belief of USDT major demand coming for the United States, as many traders are still betting on China still has an insignificant role in today’s crypto space. In 2017, The People’s Bank of China (PBOC) declared that holding and trading cryptocurrencies were prohibited as well as ordering financial firms to close all the trading accounts in less than a month. At that moment, China was one of the biggest markets in the world. In addition, 173 crypto platforms and several Bitcoin mines were closed during the months following the announcement.
Volume 3 of Diar’s China Special Report also stated that Tether volume was bigger than BTC trading volume in the last month, with figures continuously increasing. China’s OTC desks have had a recognisable role to play in the recent bull run. Those Over-the-Counter firms have received more than $3.4B Tether just in May 2019, therefore, they are taking the credit of the rise on the demand of stable coins.
Source: China Special Report. Volume 3, Issue 17. June 3, 2019
In conclusion, at this current the moment, USDT 24h volume is $20.1B, and it ranks ninth by market cap. If monthly figures are compared, the outcome is quite interesting. In January 2019, 24H Vol was $3.3B while currently, 24H Vol is oscillating around $20.3B with market capitalisation increasing from $1.9B to $3.2B. The figures also show that on-chain trading volume is bigger than the corresponding BTC volume.
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