Tether (USDT) is King, Used for Remittance By Chinese Importers

Russia Tether China

Tether (USDT) use, has been synonymous with institutional investors but is has a growing market in Russia. At least that is what we can glean from recent reports. The stablecoin, ranked as the seventh largest by market cap, has found another use case with Chinese importers. Reports show that Chinese traders in Russia are purchasing over $3 million worth of the stablecoin on a day-to-day basis. The purchases, according to Russian over-the-counter trading desks, account for over 80 percent of their daily sales. The other 20 percent is from Bitcoin, the world’s most popular and oldest cryptocurrency. Tether’s market cap has now surpassed the $4 billion mark, with daily trading volumes exceeding $15 billion as per market data. Binance Research has released a report that states that the dollar-pegged token has become the preferred crypto investment vehicle for institutional investors. Now, it has found a way into the heart of…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE