While stablecoins continue to position themselves as the “stable” versions of cryptocurrency, the underlying market seems to be struggling to find a new leader within the space. There is tough competition among crypto-exchanges too, as highlighted by CryptoCompare. The handle’s tweet read,
“Excluding Bitmax, #USDT volumes were relatively fragmented across the top #crypto exchanges in August – no exchange made up more than 10% of the market.”
Additionally, CryptoCompare’s report highlighted the fact that USDT still dominates the market in terms of total monthly volumes across all pairs. Further, Binance was identified as the most popular exchange in August, followed by Coinbase and BitTrex with 92,593, 89,969 and 22,237 daily unique visitors, respectively.
Binance was the top crypto to crypto exchange by total volume in August at 28.45 billion USD (down 41.46% since July). This was followed by OKEX and CoinBene at 28.41 billion USD (down 38.06%) and 28.01 billion USD (down 28.7%), respectively.
USDT trading volume from Bitmax, a D-rated trans-fee mining exchange, came predominantly from two stablecoin markets: USDC-USDT and PAX-USDT. Since the end of June 2019, the exchange saw significant trading volumes from these two pairs specifically, which then dropped off abruptly at the beginning of September.