According to @GoChapaa, USDT is the most widely used trading pair and base quote on major crypto exchanges (source: @GoChapaa post on Sep 8, 2025). Independent market data shows USDT-denominated pairs make up the majority of spot liquidity on centralized exchanges, surpassing USD and other stablecoins (source: Kaiko 2024 H1 Market Structure). For BTC and ETH, the tightest spreads and highest order book depth are typically found on USDT pairs across leading venues, lowering execution costs versus non-USDT quotes (source: Kaiko 2024 liquidity and market microstructure). Many altcoins list only against USDT, making USDT the most reliable routing currency for cross-pair execution and reducing slippage when legging trades (source: CCData 2024 Exchange Review). On derivatives, USDT-margined perpetuals dominate volumes on major platforms, so funding rates and basis are often set by USDT markets first (source: CCData 2024 Derivatives Review). In African markets, stablecoin adoption led by USDT supports FX access and cross-border settlement, reinforcing USDT pair usage on regional and global platforms (source: Chainalysis 2024 Geography of Cryptocurrency). Traders should still monitor peg stability and intraday liquidity conditions because stablecoins can deviate modestly from $1 during stress, impacting fills and collateral values (source: Kaiko 2023–2024 stablecoin market notes).