Tether, a unique cryptocurrency increasingly involved in defi and gambling mechanisms, has been reported to beat both bitcoin and payment provider PayPal's 7-day adjusted transfer value.
The token comes in various forms, but the most common variety is USDT and based on the Ethereum blockchain. Of late, it's usage as a store of value in the otherwise volatile world of cryptocurrency has proven popular across various sectors.
Leading crypto casinos such as 1xBit and Bitcasino.io both offer Tether gambling, allowing players to know roughly what they're staking at any particular time, which isn't always possible with the likes of bitcoin and TRON.
The CoinMetrics report states that Tether's transfer value averaged $3.55bn as of August 20, which marks significantly higher than bitcoin in the same period at $2.94bn. PayPal, although not crypto-related, is a fair comparison, and that showed the same data as bitcoin in its Q2 report.
Big names in the crypto community are pushing Tether and expect it's growth to continue, with Paolo Ardoino, CTO of the Bitfinex exchange, stating in a tweet that 2020 would be the year of Tether, while estimating that its supply could break the $20bn barrier.
Should this be the case, the hegemony of BTC and ETH will be threatened even further. Crypto casinos are already ahead of the curve by offering players the choice, and with the continued boom in defi and DEX's like Uniswap, it wouldn't be a surprise to see USDT bump ETH into second place in terms of market cap in the next 12 months.