Cryptocurrencies
Bitcoin Daily Transaction Value Is Set to Fall Below Tether’s
- Stablecoins’ transactional value rose above Bitcoin’s in June
- Tether is embroiled in a legal dispute with New York state
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Bitcoin was supposed to be the cryptocurrency for the masses. Instead, a different type of digital token has emerged as the blockchain world’s dominant force.
The aggregate daily dollar value of transactions made in stablecoins --essentially, digital assets such as Tether and USD coin that are pegged to world currencies like the greenback -- surpassed that of Bitcoin’s for the first time on June 29, according to researcher Coin Metrics. Tether is poised to surpass Bitcoin by itself, according to researcher Messari.