Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether
by antonvs on Wednesday January 31, 2018 @06:19PM
(#16278461)
The people buying USDT are people trading cryptocurrency. There are many exchanges (probably most) that don't deal with USD, so USDT or other Tether varieties are the only way to execute trades that approximate trading fiat currencies for pure cryptocurrencies.
I think you may not realize how large the market has become. The top 6 biggest exchanges are currently trading more than $10 billion worth of cryptocurrencies daily, and there are many more that trade $100s of millions daily.
If that volume is sustained (it reached a peak recently with the price spike), it would put the annual trading volume well into the trillions, perhaps around $5 trillion.
100 million USDT per week seems pretty reasonable (if not small) to support that kind of activity.
I think you may not realize how large the market has become. The top 6 biggest exchanges are currently trading more than $10 billion worth of cryptocurrencies daily, and there are many more that trade $100s of millions daily.
If that volume is sustained (it reached a peak recently with the price spike), it would put the annual trading volume well into the trillions, perhaps around $5 trillion.
100 million USDT per week seems pretty reasonable (if not small) to support that kind of activity.