Recent data from crypto data site Coin Metrics shows USDT tokens change locations every eight days on average.
“The trailing 12 month velocity of @Tether_to on Omni, Ethereum and Tron has rapidly and consistently increased since September and currently sits at ATHs, where on average each $USDT turns over 46 times per year,” Coin Metrics posted on its Twitter account on Jan. 31.
Moving on three blockchains
Tether, one of the crypto industry’s oldest stablecoin operations, originally built its USD-pegged token on Bitcoin’s Omni token layer. Tether also operates on Ethereum’s blockchain as an ERC-20 token.
Several years after its inception, Tether issued USDT on Tron’s blockchain in 2019 as an added market option.
Based on Coin Metrics’ tweet, all three blockchains currently host all-time high USDT transaction numbers, in terms of how often each USDT token moves from any given location.
Crunching the numbers
According to the numbers Coin Metrics listed, each USDT on the market moves approximately 46 times per year on average.
Taking into account a 365-day year, this would mean an average USDT moves approximately every eight days.
Such movement shows that the market still uses USDT regularly, even after years of insolvency doubts, lawsuits and questions.
Authorities subpoenaed Tether and allegedly related exchange Bitfinex near the end of 2017 on questions of solvency.
In 2018, a law firm came forward, stating sufficient backing for USDT. As of recently, Bitfinex sits in the spotlight, facing four lawsuits for alleged market manipulation in 2017.
Cointelegraph reached out to Coin Metrics for additional comment but received no response as of press time. This article will be updated accordingly should a response come in.