Tether has been making headlines for many reasons. However, this time, it is in the spotlight after the USDT volume on Ethereum surpassed $100 billion. It was previously reported that USDT is migrating to the Ethereum Network and had acquired significant space on the blockchain. This caused network clogging on the Ethereum blockchain as the migrations also facilitated transactions worth $417,000.
On 19 November, @glassnode revealed that the USDT on-chain volume surpassed $100 billion, a 6000% increase in 2019.
Source: Twitter, Glassnode
According to Coin Metrics, the supply of USDT_ETH noted a rising trend as the migration began from Omni to Ethereum. On 8 January 2018, the supply of USDT_ETH was reported to be 110.376 k, while the USDT supply remained at 1.5 billion. This supply jumped between 8 January and 10 January, with USDT_ETH reaching 58.62 million.
Source: Coin Metrics
However, after experiencing a linear movement until it observed a 372% increase between 7 April 2019 and 24 April 2019, the USDT_ETH supply reached 388.32 million, while USDT also noted an increased supply with $2.737 billion. This was the time when USDT migration to Ethereum blockchain began, due to which in July, USDT_ETH supply crossed a billion. Previously, data from Coin Metrics had also highlighted that the Tether on Ethereum had almost surpassed Tether on Omni.
Source: Coin Metrics
The report, at that time, reported of Omni still having an upper hand as it accounted for higher units of Tether than Ethereum. However, owing to the migration, USDT_ETH surpassed the USDT supply on Omni on 28 October 2019. On 19 November 2019, the supply of USDT_ETH stood at 2.02 billion, while the USDT supply was at 1.77 billion.
