Analysts believe that the stablecoin USDT, released by Tether, is gaining more and more popularity as a means of payment, along with bitcoin and ether.
Bloomberg reports that, according to CoinPayments payment system, the volume of transactions with USDT has increased 30 times compared to last year. In addition, USDT pushed ether to third place in the ranking of the most used cryptocurrencies for payments.
CoinPayments employee Sean Mackay noted that since stablecoin is pegged to the US dollar at a 1: 1 ratio, users are increasingly choosing USDT as a means of payment to protect themselves from the volatility of the exchange rate.
“Usually sellers accepted BTC, ETH and XRP, and then converted them to USDT in order to protect themselves from the volatility of the exchange rate. Now sellers are increasingly accepting payments directly in USDT, ”he said.
Despite the “dark spots” in the history of Tether, the stablecoin USDT is in great demand. Recall that in April, the New York State Attorney General accused Tether of concealing the fact of loss of client funds in the amount of $ 850 million, however, the company refutes this statement.
In addition, the US Department of Justice has repeatedly suspected Tether of manipulating the Bitcoin exchange rate, but the lawsuit was also challenged by the company.