It was recently reported that the demand for USDT (Tether) and other stable coins have been on a rise. Noticeably, Huobi, Binance, OKEx, and other leading exchanges dominated the network of USDT transactions in March 2020. 

It's worth noting that the Chinese crypto exchange is leading the number of USDT transactions through March this year. In Particular, Huobi crypto exchange marks for a total of 630,000 people trading USD pegged stablecoin. In fact, almost 20,000 users on Huobi caught as active traders everything, noting 61% of the total USDT transactions. 

The report highlights 14 crypto exchanges which mark for a total of $672 million USDT out of $1.68 billion worth of USDT distributed in March 2020. Collectively, Huobi, Binance, and OKEx amount for 90% of this deposit. Exchanges that were not a part of this list were Kraken, Coinbase, Poloniex, and others.

The increasing demand of USDT this time is quite surprising as the data from the past shows that the increasing supply of USDT last year was followed by a bull run. With the fact that cryptocurrencies such as Bitcoin are highly volatile in nature, stable coins are likely to change the game. Stablecoins such as USDT can provide decent scalability, accurate value and are also used as a convenient payment instrument. The rise in demand for Stablecoin is also led by the regulatory criticism over Bitcoin and other cryptocurrencies. 

Tether Price and Volume Chart of Last 7 Days, provided by Coinspace.com 

Yet another interesting fact is that USDT is emerging because the supply can also be converted to non-crypto USD Dollars eventually (in banks and cash). 

On the other side, the largest social media giant’s announcement of Libra was an add-on that enhanced the awareness of stable cryptocurrencies. Following this, other industry players such as Binance launched their stablecoins BUSD.