According to crypto market data tool Messari, Circles USDC published $1.1 billion in day-to-day real volume on the Ethereum network on June 21, which was double USDTs real volume of $579 million.Messaris real volume metric is calculated by compiling information only from exchanges that it believes have “considerable and genuine crypto trading volumes” and hence differs to the more-commonly seen “overall volume” metric. Exchanges included in Messaris Real Volume metric consist of Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex, and those tracked on OnChainFX.24 hr Real Volume for USDT on Ethereum. It is not known how much of the volume is due to USDT being employed in wash trading to either pump up the numbers for exchanges or coins, which is why the imperfect real volume metric was developed.
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