Category Tether

Tether's Treasury has coined an incredible 300 million USDT.

Tether, the most valuable stable currency by market value, has become a household name in the rapidly changing crypto market.

The latest development is that Tether's treasure has coined an incredible 300 million USDT, as seen in Whale Alert, an advanced blockchain tracker and analytics firm.

At the time of this report, Tether was trading at $0.999746, with a daily trading volume of $33,341,910,985. The price of USDT has been stable for the past 24 hours. It has a current stock of 16 billion coins and a maximum supply of 10.2 billion coins.

To show how quickly the third most valuable encryption by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed that Tether's transaction volume has increased by about 20% in the last 30 days to reach this new cumulative milestone.

What you should know

Tether was designed as a blockchain-based cryptocurrency whose circulating digital currencies are backed at the same value as traditional fiat currencies such as the US dollar, Japanese yen or euro. It is traded under the symbol USDT.

History

Nairametrics had previously outlined a report on the organic growth of Tether's market capitalization as one of the main reasons for the gain that Bitcoin (BTC) is currently having in the medium term. Interest in digital links to the dollar represents the need to manipulate and store value in the world reserve currency without an intermediary.

source: nairametrics.com

Will stable currencies eventually take over bitcoin? According to a new report, the controversial stable currency known as Tether is expected to become the second-largest cryptocurrency by market value as early as next year, and will only be smaller than bitcoin, but how long will it last?

Is Tether about to get much bigger?

The world of stable currencies has doubled in recent months, and it seems that ordinary traders and retailers are entering the craze for stable currencies. Even Atari, a video game company, has announced plans to enter the crypto space and reveal its own stable currency very soon. This currency can be used for in-game purchases and events.

Stable currencies are interesting because they are cryptocurrencies linked to fiat currencies such as the US dollar, the euro, the yen and the yuan. This is designed to help these stable currencies avoid volatility, which has become a kind of problem in the cryptographic world. Many assets, such as bitcoin and Ethereum, are vulnerable to price fluctuations that in the past have caused many traders to lose everything they have earned.

In 2018, for example, the price of bitcoin fell from about $20.000 per unit in December 2017 to about $3.500 when Thanksgiving arrived. That's a loss of almost $17.000. To say that volatility is a minor problem would be incorrect. Volatility has caused many people to become digital indigent overnight.

Tether is a very controversial coin for many reasons. On the one hand, many sources claim that it is not supported by the US dollar. In addition, it is widely believed - thanks to a report issued by John Griffin, a finance professor at the University of Texas - that Tether is responsible for the mega fall that occurred with bitcoin in late 2018. The currency was supposedly indexed to bitcoin in the sense that many individuals used it to buy BTC whenever the currency gave signs that it was falling. This occurred in 2017.

A year later, when Tether owners felt they had bought enough bitcoins and now had a bit of moolah to show off, they left the bitcoin space in a classic cash-take-the-money scenario. It took many months for the asset to start showing signs of recovery.

A controversial coin

Bloomberg senior strategist Mike McGlone explained about Tether:

"Tether represents what many of the so-called cryptocurrencies are not: a stable form of payment … Indicating demand for a digital version of gold (bitcoin) and a crypto-asset like a dollar, if current trends prevail, Tether's market capitalization could surpass Ethereum next year. Something significant must be needed to prevent tether's increasing adoption."

source: livebitcoinnews.com

Tether.to, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, has surpassed $600 billion in cumulative transaction volume in Ethereum ERC 20 tokens, according to Glassnode, an on-chain blockchain analytics data provider.

Glassnode's research found that the volume of tether token transactions in Ethereum has increased by about 20 per cent in the last 30 days to reach the new cumulative milestone of $600 billion.

"Tether's important role in the digital asset ecosystem is further emphasized by these Glassnode findings," said Paolo Ardoino, CTO of Tether. "If you were to add the use of the string in other chains like Tron, Omni and Algorand, the title number would be even higher. We are pleased with the trust of the community placed in Tether and inspired by how it is driving incredible innovations in cryptography. "

The importance of USDt is growing as stablecoin plays an increasingly vital role within the digital asset ecosystem. The USDt plays a key role in trading digital assets, resulting in many digital asset exchanges now calling trading pairs in tether instead of Bitcoin. In addition, the crypto reserve currency is also increasingly being used in innovative remittances and projects in the digital asset space, including decentralized finance (DeFi).

USDt's total market capitalization grew from about $2 billion in February 2019 to about $16billion. Tether works on a variety of different blockchains, including Algorand, Simple Ledger Protocol (SLP) from Bitcoin Cash, Ethereum, EOS, Liquid Network, Omni and Tron. Tether aims to support and empower growing ventures and innovations in the blockchain space.

source: institutionalassetmanager.co.uk

The number of Tether addresses on the Ethereum blacklist has reached 100, according to new findings from The Block Research.

Eighty-four of Tether's blacklisted actions took place in 2020, with most of them taking place after July.

The term "blacklist" means that the addresses in question cannot send, receive or redeem USDT, thus making any Tether tokens kept at those addresses unusable.

As of July 9, 2020, Tether had blacklisted 39 Ethereum addresses with stablecoin USDT. There are several reasons why an address can be blacklisted, including requests for law enforcement or freezing actions by Tether is part of a recovery process.

source: theblockcrypto.com