Tether's USDT has achieved a historic milestone on the Ethereum network, with transfer volume surging approximately 400% since its 2023 lows, according to data from Token Terminal. In September alone, USDT transfer volume on Ethereum climbed to an estimated $580.9 billion, while the monthly transfer count hit 12.5 million, both marking all-time highs. This resurgence underscores Ethereum's dominance as the leading platform for stablecoin transactions, driven by deeper liquidity pools and integration with layer-2 scaling solutions like Arbitrum and Base.
Simultaneously, Ethereum experienced a record $2.1 billion inflow of stablecoins over the past 24 hours, primarily in USDT and USDC, significantly boosting decentralized finance (DeFi) liquidity. This influx, the largest on record, signals increased institutional readiness for new positions, likely influenced by the Federal Reserve's first rate cut since December 2024. Ethereum's price rose 1.6% to $4,500, closing Q3 with a 74% gain, reflecting broader market dynamics.
Analysts view these developments as indicators of renewed institutional and retail demand for stablecoin liquidity, particularly in DeFi lending, perpetual trading, and tokenized real-world asset (RWA) markets. Paolo Ardoino, CEO of Tether, emphasized, "USDT continues to act as a liquidity backbone for both centralized and decentralized finance, supporting market growth and stability." The growing activity suggests that stablecoins remain central to digital asset settlements, with Tether accounting for over 70% of all stablecoin transfers, reinforcing its role in bridging traditional finance with crypto markets.
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