On this day, the trading volume of Tether was 30 billion USD, which is 1.68 times that of Bitcoin (18 billion USD). This indicates that even in the cryptocurrency space, USD can be considered the key currency, not Bitcoin. Although Bitcoin closely follows Tether in terms of trading volume, Tether is more widely used in lieu of USD to transfer the fiat equivalent between personal wallets, exchanges, and other market participants and protect against price volatility in the cryptocurrency market at the same time.
Similar to the way central banks implement monetary policies to control the supply of their fiat currency, the supply of cryptocurrencies is controlled by predetermined algorithms or through additional issuance or burning, or interest rate adjustments decided by the foundation or company operating that cryptocurrency. In the cryptocurrency space, a unique form of operation called a DAO (Decentralized Autonomous Organization) takes place where cryptocurrency holders are given voting rights in proportion to how much they hold, and all the operational policies, including the cryptocurrency-equivalent monetary policy, are determined in accordance with the voting results.