It’s been revealed that Tether could be replacing Bitcoin as the dominant currency on public blockchains, according to Ryan Watkins from Messari.

The research analyst said the fact that the overall stablecoin market monetary base has been growing a lot in the first half of 2020.

Stablecoin monetary base is growing

In the first quarter, the stablecoin monetary base “surged by $2.4 billion and another $3.8 billion in the second quarter to bring the base to a total of over $12 billion,” according to the data coming from the online publication the Daily Hodl.

The expert notes that Tether grew by $3.5 billion en route to becoming the first stablecoin to move above $10 billion.

Another thing worth noting is that Tether is also closing in on Bitcoin in terms of the daily transaction value.

Watkins says sUSD (synthetic US dollar) has the fastest relative growth in the pegged-asset market.

He made sure to highlight the fact that the sUSD benefited from the growth of decentralized finance (DeFi) and a low starting base.

He said that the stablecoins are about to transact $508 billion this year.

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