Chinese crypto exchanges facilitate 60% of all stablecoin Tether trading globally

Chinese cryptocurrency exchanges facilitate 60% of all stablecoin tether (USDTtrading globally, according to an analysis by Diar on June 3.

According to the report, Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. The United States, in contrast, is said to account for only $450 million of USDT traded. Global exchange giants Binance and Bitfinex reportedly account for close to the remaining amount of Tether traded, accounting for 31% of USDT activity.

Additionally, the analysis concludes that the trading numbers are not misleading. According to their findings, a similar amount of sending and receiving of USDT happens both in China and globally, suggesting that the numbers represent actual trading activity and not just cryptocurrency whales cashing out.

Also read: RMI has formed a non-profit organization to support the government in the implementation of the country’s national digital currency