Source for BlockChain News

Category archive

#USDT

Tether Grows as Algorand Finally Adds USDT Tokens

by
Tether

Tether

The crypto sphere has developed at a remarkable rate over the course of the past half a decade, and one of the biggest developments has been the emergence of stablecoins like Tether (USDT). Despite skepticism from many in the crypto space, the stablecoin has continued to grow, and in a new development, it has been added by Algorand.

Major Details

This is a significant development for USDT, but it remains to be seen whether there is any rally in the stablecoin in the coming days. Algorand is one of the most innovative projects and operates a proof of stake blockchain that is totally permissionless.

This is a major development for the simple reason that it will result in greater use of USDT and also grow Tether’s supply considerably in the crypto space. In addition to that, Tether will also be available over a wider range of networks, and that is something that almost all tokens aspire to.

The supply of USDT has grown exponentially in recent years, and at this point in time, it has a total supply of 4.7 billion. It is trying to make use of a range of networks in order to further boost its supply.

The Chief Technology Officer of Tether spoke about the collaboration with Algorand and said how it is going to be mutually beneficial, explaining, “Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions.”

>> Bitcoin (BTC) Soars to 4-Month High, Crosses $10K Mark

Over the past few years, USDT has become an integral part of many exchanges and is often used by traders as a trading pair. However, it is now looking at ways to further boost the supply and use cases of USDT. In that regard, the latest collaboration agreed by Tether is a significant development.

Featured image: DepositPhotos © artefacti

If You Liked This Article Click To Share

Tether Fires Back At “Flawed” Study, Says Coin is Backed By USD Again

by
Tether

Tether

Tether has responded to what it describes as a “flawed” paper written by academics from the University of Texas and Ohio State University, which claimed that a single address on the Bitfinex exchange was responsible for manipulating the surge in Bitcoin value in 2017.

Tether Claims Study Was Lacking in Data

Professor John Griffin and Amin Shams analyzed over 200 gigabits of data relating to the transaction history between Bitcoin and Tether and found that the surge in value in late 2017 was attributable to one large trader, or a whale in the crypto world, but the identity of the investor remains unknown.

In a statement released on Thursday, Tether has said that the academics’ claims are “built on a house of cards” and are unsubstantiated due to a lack of a complete dataset. “As an example of one of many deficiencies, the authors openly admit they do not have accurate data on the crucial timing of transactions or the flow of capital across different exchanges. This critical lack of information means they are unable to establish a valid sequence of events through which the alleged manipulation could have happened.”

Tether Market Manipulation

However, the concerns that Tether has manipulated the crypto markets have been around for a number of years. Last month, Tether, and its sister company Bitfinex, were accused of orchestrating “the largest bubble in human history” in a class-action suit. The case alleges that the two companies, and a number of affiliated entities, manipulated the crypto market out of up to $1.4 trillion USD by printing unbacked coins.

>> Microsoft Partners with Ethereum to Create New Digital Assets

Tether has regularly flipped-flopped on its stance that its coin is backed 1:1 with fiat currencies. In February, while under investigation from the Department of Justice, the company changed its stance from saying that every token was “1:1 backed to the dollar” to say that its reserves “from time to time may include other assets.” There was a further walk back in April when one of its lawyers said it was actually only 74% backed by cash or cash equivalents.

In yesterday’s statement, Tether has said that its token is backed by reserves, but did not specify what those reserves were.

Featured Image: DepositPhotos © Grey82

If You Liked This Article Click To Share

Tether Becomes the Most Used Cryptocurrency in the World

by
Tether

Tether

Over the past few years, the fiat-backed stablecoin Tether has become the subject of fevered discussions among those in the crypto sphere as well as those outside of it. It is a crypto token that is used across a range of crypto exchanges in order to facilitate trading, and it goes without saying that the stablecoin has become extremely popular among plenty of crypto traders.

Most Widely Used Cryptocurrency

However, data from Coinwidely using cryptocurrency market cap has now shown that Tether is actually the most widely used cryptocurrency in the world. Many believed that the most widely used token must have been Bitcoin, which is the biggest cryptocurrency in the world by market capitalization. But it seems that this is not the case.

It is interesting to note that the stablecoin has a market cap that is a fraction of that of Bitcoin and is, in fact, 1/30th of it at this point in time. However, data from CoinMarketCap has revealed that Tether experiences the highest trading volumes both on a weekly and monthly basis. It is a significant achievement for a stablecoin that is often the subject of extreme debates among members of the crypto community.

The data has revealed that it was back in April this year that the stablecoin managed to surpass Bitcoin by trading volume for the first time in its lifetime and managed to extend the lead since the start of August.

>> $6.4 Million USD Worth of FSN Tokens Stolen in Fusion Network Hack

Its daily trading volume stands at $21 billion per day, according to the data. It is interesting to note that it was back in April that Bitcoin was surpassed. At the time, Bitcoin had been in the middle of its remarkable rally, and so its trading volume was huge.

The monthly trading volume of Tether is higher by as much as 18% compared to that of Bitcoin. In this regard, it is also important to point out that the stablecoin has now become an extremely important part of the whole crypto ecosystem.

Featured image: DepositPhotos © artefacti

If You Liked This Article Click To Share

Go to Top