Major crypto news for Tether, which turns out to be the world’s most searched Stablecoin on Google, according to a new study by Bitcoin Cryptomaniaks casinos.
Below are all the details.
Important crypto news for Tether from Cryptomaniaks’ study
As anticipated above, according to the study conducted by Cryptomaniaks Tether is the world’s most searched Stablecoin on Google. Specifically, the Google Trends data analysis was conducted over a 12-month period for the top 100 stablecoins according to CoinMarketCap.
As we know, the stablecoin Tether (USDT) was launched by the Hong Kong-based company. As of September 2020, more than 14.4 billion USDT tokens have been put into circulation, with a current trading volume of $21,345,225,989 USD.
Observing the study, a Cryptomaniaks spokesperson commented:
“With governments around the world increasingly regulating cryptocurrencies, interest in them continues to grow. This data is a fascinating insight into the levels of interest in crypto options that are tied to another currency. As the crypto market continues to develop, it will be intriguing to see which coins surge in popularity and which ones struggle to maintain interest.”
What are the other most searched stablecoins on Google?
According to the study, ranked second is the stablecoin TRIBE, with the term “buy TRIBE” peaking in the first week of May in terms of search. TRIBE is the governance token for the FEI algorithmic stablecoin protocol and has a circulating supply of 1,000,000,000 TRIBE coins.
The USDC stablecoin ranks third, with the term “buy USD Coin” increasing especially in May. This stablecoin is pegged to the USD at a 1:1 ratio and currently has 29,603,455,359 USDC coins in circulation for its buyers.
Moving on, we see the stablecoin Binance USD (BUSD) ranking as the fourth most searched stablecoin on Google globally. Searches for the term “buy Binance USD” exploded in February, with more than four times the average search volume.
This stablecoin, pegged to the US dollar at a 1:1 ratio, has a circulating supply of 5,544,850,540 BUSD coins.
The DAI stablecoin occupies the fifth position among the most searched stablecoins on Google worldwide.
Currently, 4,861,024,127 DAI coins are in circulation. This cryptocurrency with a stable price has a current market capitalization of $4,861,635,791 USD.
Xapo Bank is the first regulated bank to use Tether (USDT) for USD accounts
Following the integration of USD Coin (USDC), Gibraltar-based Xapo Bank stands as the first fintech in the world to use the US Dollar Tether (USDT) infrastructure to facilitate the transfer of USD between its accounts.
The team stresses that this integration complies with MiCA requirements. According to the official announcement shared by the Xapo Bank team, the bank will begin using USDT for transfers of its US dollar-denominated accounts.
This statement was also shared by Gabor Gurbacs of VanEck, who acts as a consultant for Tether Limited.
As a result, Xapo Bank becomes the first regulated banking institution to replace the traditional SWIFT information exchange system with “stablecoin rails” to conduct faster, more transparent and resource-efficient transactions.
Seamus Rocca, CEO of Xapo Bank, stresses the importance of this integration for the entire banking segment in Europe and other regions, stating the following:
“Xapo Bank is the only regulated bank in the world that offers a USD account with stablecoin binaries. This is a unique offering that combines the compliance and security of a traditional bank with the speed, efficiency and breadth of use of USDT. By expanding our rail payment options, we are committed to eliminating the timely and often costly deposit and withdrawal processes at regular banks. We are enabling our members to grow their wealth and access and spend it continuously.”