While BitcoinVN’s OTC desk (suited for large-scale private client deals up to 7-digit USD amounts daily) has been handling USDT trades for a fair while, Vietnam’s oldest Bitcoin Exchange service BitcoinVN (in operation since early 2014) now listed USDT (ERC20) on its online retail brokerage platform accessible to clients of all sizes.
Customers will be able to buy and sell USDT for Vietnamese Dong via bankwire or various other funding options.
Tether demand and market cap (close to about 10bn USD) has grown tremendously over the past several months, according to the stats collected by the BitcoinVN OTC trade desk over 80% of OTC deal volume is now conducted in USDT/Tether, while about in summer 2019 the trade volume saw Bitcoin ahead with about 60%; followed by USDT (25%) and Ethereum (ETH) at about 15%.
Tether was one of the first Stablecoins launched in the Cryptocurrency ecosystem back in 2014 by an illustrious founding team around Brock Pierce, back then utilizing “Mastercoin” metalayer which later rebranded to Omni protocol.
Since Tether has gone multi-chain, most of the transaction volume nowadays gets conducted via the Ethereum blockchain and the ERC20 token standard.
While initially starting out with the ERC20 version of USDT, the team of BitcoinVN is also looking to implement other Blockchain layers which can provide an alternative to the underlying Ethereum Blockchain which in recent weeks struggled at times with capacity and high transaction fees due to the recent boom of interest in various “DeFi” offerings.