Ukraine Tether Trading Volume Sees Strong Growth, Persistent Premiums
Trading volume in the stablecoin tether (USDT) with Ukrainian hryvnia (UAH) is again seeing strong growth on crypto exchange Binance, with the volume on several days this week reaching and surpassing the level seen on the day the war started.
According to data from Binance, which is the only major international exchange that deals with both the Ukrainian hryvnia and the Russian ruble (RUB) fiat currencies, the 24-hour trading volume in the USDT/UAH pair on Wednesday reached USDT 8.71m.
The figure is just above the USDT 8.69m seen on February 24, the day Russian forces first attacked Ukraine.
Price and volume of USDT/UAH on Binance:
Similarly, interest in bitcoin (BTC) trading against the Ukrainian fiat currency also remains high, although volume in this market has yet to reach its high from the start of the war.
On Thursday, volume in the BTC/UAH market on Binance reached BTC 48, its second-highest during the war since the spike to BTC 79 when the war broke out in the country.
Notably, USDT and BTC trading using the Russian ruble has not seen the same uptick as trading with the Ukrainian hryvnia in recent days.
As of Thursday this week, interest appears to have fallen from the peak, with the 24-hour volume in the USDT/RUB market reaching USDT 16.94m, and the BTC/RUB market reaching BTC 229.
The figures mean the volume in the two markets is now down to about half of its war-time highs of USDT 37.31m in the USDT/RUB market, and BTC 506 in the BTC/RUB market, both reached on March 7.
Price and volume of USDT/RUB on Binance:
The sharp reduction in trading volume marks a turnaround from Tuesday this week when Cryptonews.com reported that trading among Russians on Binance had continued to surge after the war broke out.
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