October 12, 2020, 5:23AM EDT
• 2 min read

The Tetherization of trading

Quick Take

  • In recent years, there has been a shift on spot exchanges from denominating trading pairs in Bitcoin to denominating in Tether
  • We are now in the midst of the same shift on the derivatives exchanges as BitMEX’s market share continues to dwindle
  • A lot of this year’s growth in Tether has been driven by the market structure changes rather than the DeFi boom

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