von • Tether (USDT) has surpassed Visa and Mastercard in transaction volume processed, with $18.2 trillion worth of transactions handled in 2022.
• The news indicates that the use of stablecoins is on the rise, despite the overall challenges faced by the cryptocurrency market.
• The milestone was met with mixed reactions, with some pointing to „fake volume“ and „wash trading“ to dismiss the validity of the data.
Tether (USDT) recently achieved a major milestone in the world of finance, surpassing the transaction volumes of leading payment operators, Visa and Mastercard. According to a tweet from Tether, the dominant stablecoin processed around $18.2 trillion worth of transactions in 2022, while Mastercard processed $14.1 trillion and Visa processed $7.7 trillion. The data was sourced from Coingecko and Mastercard, and Visa’s respective websites.
The news of USDT surpassing the two payment giants indicates that the use of stablecoins is on the rise. Despite the overall challenges faced by the cryptocurrency market in 2022, the increasing use of stablecoins highlights the continuous growth of the blockchain industry. While owning and using USDT does not provide exposure to the crypto market, it allows users to benefit from blockchain technology’s improved speed and privacy.
The latest milestone achieved by USDT was met with mixed reactions on Twitter, with some pointing to „fake volume“ and „wash trading“ to dismiss the validity of the data. Many users in the cryptosphere distrust tether, citing a lack of transparency in the company’s operations. The company is responsible for regularly issuing large sums of money on the blockchain, with many accusing it of printing money at will. While tether has addressed these concerns, it has also failed to undergo a public audit to confirm that its USD reserves match the USDT in circulation.
In October 2021, USDT surpassed Ethereum in market capitalization, becoming the second largest cryptocurrency in the world. This news further cemented USDT’s status as the go-to stablecoin for traders and investors, as it provides users with a secure option for storing and transferring their digital assets.
The rise of stablecoins is seen as a major development for the blockchain industry. Stablecoins provide users with a simple and secure way of transferring digital assets, and their increasing popularity is a testament to their utility and versatility. As the industry continues to mature, the use of stablecoins is likely to become even more widespread, further solidifying their place in the world of finance.
