The overall daily value in Tether (USDT) is not only higher than in Bitcoin but in PayPal, as well. The total amount traded on August 20th reached $3.55 billion a day, compared with $2.94 billion for Bitcoin, showed by CoinMetrics.
Therefore, the USDT is traded more than BTC, creating more trades and holding more value. In the case of common DeFi apps, such as Uniswap and Curve, safe coins have been widely used, which possibly played a significant role in this recent rise in Tether trading volume.
Is Tether More Popular Than PayPal?
However, this number is highly remarkable in comparison to PayPal. In addition, PayPal's official report for the second quarter of 2020 says that the full quarter of payment volume (TPV) is 222 billion dollars or a daily average of 2.74 billion dollars.
In spite of PayPal's daily trading of money for everyday use, USDT is a crypto token being used by a small subset of individuals, the contrast is even more dramatic.
Nonetheless, most USDT amounts are produced by exchanges, although the same cannot be said for PayPal, for example, which is mostly used for online shopping on e-commerce websites.
Are These Means Of Payment on the Same Page?
Therefore, there are two different applications with two different, but identical types of money as they have the same meaning. For example, USDT has the double benefit of allowing unlimited use with no limits levied, because PayPal is accepted virtually anywhere and provides a lower risk rating.
As the total daily USDT volumes were never more than 2 billion before July of 2020 and the trillion-dollar annual mark was only surpassed by March this year amid a single high at the end of 2019. However, continued development of these amounts may be well beyond the current rate of PayPal, one can fairly expect.