Daily Tether (USDT) 24h volume history up until August 3, 2022

Tether trading volume reached over several billions of U.S. dollars every single day, but was especially high in late May 2021 and early September 2021. The trade spike on May 19, 2021, could be attributed to news that day that China was to ban crypto services - which led to significant declines in market cap across the entire crypto market. The trading peak on September 7, however, does not have as clear of a potential cause. One day before, the Canadian region of Ontario banned crypto platforms from using Tether altogether. Additionally, the price of Tether was briefly below one U.S. dollar - which may have caused people to buy the stablecoin.