Tether’s USDT now accounts for almost half of the total moved value in blockchain networks.

This past month, 43% of the total on-chain transfer volume was USDT, moving a titanic $156.2 billion worth of cryptocurrency.

Tether’s USDT is playing a massive role in the crypto market.

According to data from CryptoRank, 43% of the total on-chain transfer volume over the past month was USDT, moving a titanic $156.2 billion.

This places it at almost half of the total moved value in blockchain networks.

For perspective, the remaining 57% of on-chain transfer volume is composed of all other crypto assets, including Bitcoin, altcoins, and other stablecoins.

Solana Surges Past Ethereum and BNB in Net Transfer Volume

The most notable shift in blockchain activity is coming from Solana.

The network has now overtaken both Ethereum and Binance Smart Chain in terms of net transfer volume.

Solana’s low fees and fast transaction speeds are proving attractive to users who want scalable alternatives to the chains they were previously using.

Solana Surges Past Ethereum and BNB in Net Transfer Volume. The network's low fees and transactional throughput make it a viable option for users who want more throughput than what Ethereum can offer.

Plus, we're seeing more on-chain activity in Bitcoin as BTCB and cbBTC see very active user engagement.

At the same time, a next-generation stablecoin competitor is making headlines. USDe, a newer entrant in the stablecoin space, has now surpassed Wrapped Bitcoin in transfer volume.

When $USDe handles stable transfers with an entirely new kind of utility, shouldn’t we start worrying about $USDe as much as we currently worry about Bitcoin, Ethereum, and other crypto-assets?

The stablecoin space is now an extremely competitive environment, and it’s not enough for a stablecoin just to hold dollar value anymore.

As protocols and institutions look for ways to integrate digital dollars and on-chain settlements into their business models, the competition is bound to keep intensifying.

Tether’s $USDT, however, remains dominant. Its incomparable liquidity, extensive acceptance across exchanges, and now its top transfer volumes make it a linchpin in cryptocurrency’s financial architecture. It performs a central role.

Conclusion

The cryptocurrency trade is changing quickly, and stablecoins are now at its center.

With Tether’s USDT capturing almost half of all blockchain transfer intensity, it’s plain that users trust and depend on its liquidity in every part of the ecosystem.

Solana’s ascent and the growing rivalry in the stablecoin realm shine another light on what’s happening—adoption is shifting to fast, scalable, and efficient platforms.

Tether is ramping up its issuance of USDT, stablecoin competitors are clamoring for a slice of the stablecoin market, and a newly emboldened Circle has also started platforming for its competing USDC stablecoin.

At the moment, though, Tether appears to be leading the stablecoin space and doing so by a wide margin.