Chinese Stablecoin Interest Quickly Passes Interest From the West |
It appears that the Chinese stablecoin interest is growing rapidly. According to the most recent addition of Diar, Chinese trading and stablecoin volume account for more than 50% of transactions completed by known parties in the world.
Previously collected data showed complete Western dominance when it came to bitcoin exchange transaction volume. It appears that China is now comfortably in the lead and no challengers appear in sight.
Chinese stablecoin interest is just the beginning
Recent data shows that Chinese stablecoin interest is but a drop in the ocean. This year, China has already traded more than it did throughout the entire bull run of 2017. Despite the government’s harsh crypto stance, all data points to enormous Chinese interest in blockchain.
Chinese stablecoin interest is so big, that it completely dwarfs Tether interest even in the United States. The United States makes up just 3% of the entire on-chain demand for Tether. China on the other hand, has billions invested and accounts of over 50% of the usage.
There are of course, many doubts about the Tether volume. Diar strongly suggests that the majority of it is absolutely real and the biggest reason for that is the Chinese stablecoin interest. It’s completely natural that the billions which China invests result in high volume across the exchanges.
Recently, Bitfinex announced that it’s planning to launch Tether on the Lightning Network. If everything goes smoothly, USDT should be launched on EOS’s blockchain by the end of the year. At the moment, Tether is issued on the Omni Layer, TRON and Ethereum.
Way back in 2017, Bitfinex already had intentions to launch Lightning Network. The implementation would without a doubt be very helpful with the improvement of transaction speed.
With Chinese exchanges accounting for over $10 billion USDT trading since the beginning of year and the trade wars picking up steam, it’s very interesting to see if the Chinese staclecoin interest will continue to rise.
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