When asked which is the most used cryptocurrency in the world, it is very likely that your thinking can immediately run to Bitcoin.... wrong. It is indeed Tether the most used cryptocurrency in the world, with a daily trading volume that is greater than that of the most capitalized digital currency.
In short, if it is true that Bitcoin is the most capitalized cryptocurrency, with a total market value of 151 billion dollars, and which has a market share close to 70%, Tether is actually the most traded currency.
According to data published a few hours ago by CoinMarketCap, in fact, the stablecoin (or almost) Tether it has the largest daily trading volume, for more than $ 21 billion against Bitcoin's $ 16 billion. Tether's trading volume has been consistently higher than that of Bitcoin since the beginning of August, despite the fact that the market value of Tether is only 4 billion dollars, or almost 40 times less than Bitcoin.
The reason is quite simple: Tether is used as the exchange currency in most transactions instead of the dollar, so much so that it absorbs a 40% share of all transactions on the exchange Binance and even 80% up Huobi, the two most important exchanges in the world.
In other words, Tether is used as a reference currency instead of the dollar. And if exchanges often give the impression to their customers that they hold dollars, in reality, they are holding Tether, because banks do not allow them to have dollar accounts and to hold dollars on behalf of customers, as happens in Asia, where however, most cryptocurrency exchanges involving USDT are located.
Hence, a further reflection. Many people use Tether without knowing it. Would they carry out the same operations, becoming aware of this detail, or not having actual dollars in their account?