Tether CEO Paolo Ardoino has revealed a staggering 40% of all fees that users are paying on the major blockchains are spent to move USDT.
Below is the chart shared by the Tether CEO that shows the trend in the percentage of these transfer fees that users on major networks are paying for making USDT transfers.
Nine networks are included here: Ethereum, Tron, Toncoin, Solana, BSC, Avalanche, Arbitrum, Polygon, and Optimism. From the graph, it’s visible that the 7-day moving average fees share of USDT transfers across these chains recently hit the 40% mark.
Fees usage can serve as a proxy for transaction activity, so this high share would indicate strong user interest in Tether’s stablecoin. “Hundreds of millions of people in emerging markets use Tether’s digital dollar USDt daily, to protect their families from local inflation and devaluation of their national currencies,” notes Ardoino.
On most networks, the transfer fee is paid using the chain’s native token, even when the transaction involves a secondary coin. For example, ETH is required to make any kind of transaction on the Ethereum network.
This year, the blockchain launched a feature that allows users to pay gas fees in other tokens, including USDT. As a result, Tron has established itself as the dominant network when it comes to the supply of the number one stablecoin.
“Blockchains that will focus on lower gas fees, allowing paying these in USDT will take over the world,” says the Tether CEO.
As displayed in the above chart, the combined monthly transaction volume of the stablecoins crossed $1.5 trillion last month, which is a new all-time high (ATH).
At the time of writing, Ethereum is trading around $3,600, down more than 4% over the past week.
