Adjusted volume of on-chain USDT transactions exceeded $1 trillion for the first time in the history of the cryptocurrency market. Tether remains the most popular stablecoin.
Adjusted on-chain USDT transaction volume reached $1.01 trillion from early 2021 to April 30, according to data compiled by The Block Research. This represents 64% of the total stablecoin transaction volume in 2021 (about $1.6 trillion).
"Surpassing the US$1 trillion mark in on-chain volume represents yet another milestone in Tether's ascent," Tether CTO Paolo Ardoino told The Block.
USDT is followed by USDC stablecoin with a market share of about 20% at $312 billion and Dai with an 8% market share of $114 billion as of April 30.
The Block's research notes that the data does not include the trading volume in USDT pairs on centralized exchanges, as these transactions do not take place on-chain. Considering this trading volume, the share of USDT is likely to be higher, since USDT is one of the preferred stablecoins for cryptocurrency trading by large investors.