Tether’s Transactions On The BTC Blockchain Are Losing Ground

Tether’s transactions on the Bitcoin blockchain are slowly fading away thanks to ethereum which managed to remove Bitcoin out of the picture. In the coming altcoin news, we take a closer look at what exactly happened when the USDT was issued on the ETH blockchain.

Ever since January 2018 when the Tether stablecoin was issued on the Ethereum blockchain, it has slowly gone on to become the most utilized version of the token and according to the data from Coinmetrics.io, you can clearly see the gradual takeover of Tether’s transactions by the ETH blockchain. Despite the dominance of Ethereum, the USDT transactions on the Bitcoin/Omni blockchain have also increased up to 475 percent since the Tether-ETH connection began which shows an increase from 7,000 per day right up to 39,000 at the time of writing.

However, the transactions on the Ethereum blockchain have gone from zero to 130,000 at the same time which is why it is hard to pinpoint the reason for these changes. As of August 28^th, the average fee for sending an ETH transaction is standing just over $0.12 while the average fee for a BTC transaction is standing at just over according to Bitinfocharts.
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That’s not to suggest that it all comes down to the fees and this could be that the Bitcoin transactions represent a huge USD value than those on Ethereum. The blockchain data shows that the average Ethereum transaction contains a dollar value of more than $400 and the average BTC transactions is somewhere at $28,000.

The total USD value that is sent across Ethereum stands at $300 million and this is also one of the reasons why the average fees on Bitcoin remain more expensive but that discrepancy doesn’t just go away and more often than not it is the end-user who ends up paying the difference. The cryptocurrency exchanges are already offering a tiered fee structure for the users that own different versions of the USDT. Some of the users can not even realize that the different fees apply to different versions of the same token. The tether dominance also comes at a cost. The token tops the charts by a large margin and until the drama around the cryptocurrency comes to an end, Ethereum will have to wait until the next scaling update as the reports show in the best cryptocurrency news sites.