Bloomberg: This year's USDT market cap spike has little correlation to overall trading volume

According to Bloomberg, crypto data firm Kaiko notes that the spike in Tether (USDT) market cap this year has little correlation to overal l trading volume, "which is questionable considering the primary use case for this stablecoin is trading. "

Kaiko said that more than 50 percent of all transactions on centralized exchanges use USDT. But during the downturn in market activity , Tether's market share relative to other stablecoins did not increase significantly , although the use of USDT in decentralized exchanges has changed , but this does not explain this growth . Historically, changes in trading volume have had little correlation with changes in Tether's market cap, with occasional spikes during periods of significant market activity, but today there is zero correlation between the two. Meanwhile, Tether's competitor USDC "has a clear correlation between trading volume and market cap. 

CoinMarketCap data shows tha t USDT currently has a total market cap of $82.9 billion. That amount peaked at about $83 billion last May when the Terra crash prompted investors to sell off cryptocurrencies across the board.