Connect with us
CLOSE

Tether News

Stablecoin Tether (USDT) Gains Popularity As Payments Method

Published

on

Tether reaches

Stablecoin Tether (USDT) gained a lot of popularity as a payment method in recent times and some analysts see it catching up with Ether and Bitcoin. Let’s check the Tether cryptocurrency news today and find out more.

As the reports say, the crypto payments processor CoinPayment registered the rapid increase of popularity the stablecoin Tether (USDT) which is pegged 1:1 to a United States dollar as a means of payment. The stablecoin has a 2.4 million user base, Tether currently accounts for more than 30 percent of volume which is 30 times more than a year ago.

Bitcoin as a means of payment has seen a nearly more than 60 percent drop in volume from 80 percent last year according to CoinPayments while Tether pushed Ether out of second place and the users decided to go with Tether due to the stablecoin’s capability to avoid further price fluctuations. The operations lead at CoinPayments.net Sean Mackay said:

 “Merchants used to accept Bitcoin, Ethereum, Ripple and convert it into Tether in order to hedge against the volatility. Now we are seeing the payments just being done directly in Tether.”

Also, Tether received some wide adoption among the different types of merchants who have difficulty getting credit-card processing services or who are mainly forced to pay high credit card processing fees. In late September, Tether minted about 300 million USDT as a part of the swap from the Omni protocol to the more popular Ethereum blockchain. However, no token burn on the Omni blockchain took place at that time.

Back in July, Tether accidentally minted and later burned 5 billion USDT tokens. Last month, on the other hand, Tether announced the launch of a new stablecoin tied to the offshore Chinese yuan dubbed CNHT. The latest currency that joined Tether’s other stablecoins that backed by the US dollar and the euro (EUR).

As a part of the further expansion of the stablecoin, Tether plans to release another version of the stablecoin backed by a basket of commodities such as crude oil, rubber, and gold. Tether’s price is also expected to increase in the upcoming period and we are going to keep tracking the stablecoin in our news.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Tether News

Crypto Lawyers Fight Over Who Gets To Lead Tether’s Lawsuit

Published

on

By

crypto lawyers
The crypto lawyers started a fight over who gets to lead the class action lawsuit regarding Tether since in the US courthouse for the Southern District of New York, Judge Katherine Failla talked to three plaintiffs teams that sue iFinex and all claim to be the lead counsel in the class-action lawsuit as we are reading in the tether news. iFinex’s Tether stablecoin company and the Bitfinex subsidiary are charged with manipulating the Bitcoin market in 2017 which is something that the company denies from the start. Kyle Roche who is representing the plaintiffs Leibowitz argued that his company Roche Cyrulnik Freedman LLP was the first one that was investigating the market manipulation that tether did and was the first one to file a complaint. Roche said:
 “Cryptocurrency is unique, the law is new, and this case presents difficult definitional issues.”
The crypto lawyers continued argued that this case should not be limited to Bitcoin issues alone and that they should include other cryptocurrencies such as Ether that were harmed by the alleged pump and dump scheme. Roche said:
 “Cryptocurrency really works as one market. People who purchase one cryptocurrency often buy many, especially in a bubble.’’
The paper by John M. Griffin and Amin Shams shows that Tether influenced Bitcoin and other cryptocurrency prices during 2017’s boom and the authors even found that the purchases with Tether were timed after the market downturns and resulted in sizable increases in the Bitcoin price. The paper later became the foundational piece of research for the subsequent lawsuits. Many were skeptical in the crypto community that Tether is backed by USD while the paper found that there are insufficient Tether reserves before month-ends. Karen Lerner of Kirby Mcinerney LLP that represents the plaintiffs’ Young, Kurtz, and Crystal, argued that the different kind of experience was more important in this case:
 “We are class action lawyers, and we are antitrust and commodities lawyers.”
She continued that there were not the first to file a complaint but that they work was the most original with a huge regression analysis that identified 115 specific dates when the market manipulation occurred and 256 actual transactions. The algorithm of the platform would show a lockstep pricing relationship between Bitcoin and BTC futures.
`
Continue Reading

Tether News

Tether Prints Another $60 Million Expecting New Wave Of Demand

Published

on

By

Tether prints
Tether prints another $60 million USDT coins which will be entering the markets today since the platform expects a new wave of demand as per the latest Tether news reports. The largest stablecoin Tether prints an additional $60 million worth of coins as a part of the plan for inventory replenish which is expected to meet the upcoming demand. The cash injection will bolster bulls as the market continues the downtrend. Whale alert reported that another 60,000,000 USDT will be entering the market soon today and according to the Bitfinex CTO Paolo Ardoino the purpose of the new USDT tokens is to meet future demand. It was used as an inventory for the next ‘’period issuance requests.’’ The news came a few days after the Tether treasury minted another 60M usdt and it was meant to meet the forthcoming demand and it seems that some major entity needs the coins. the details which entity this is, is unclear. Over the past few weeks there was a strong activity for the largest stablecoin and as it was reported, Tether ditched TRON and moved about 300 million USDT to Ethereum’s blockchain. The lending smart contract platform now has more than half of the entire market capitalization of Tether. The timing seems suspicious given that Tether burned more than $102 million earlier this month which makes this a surprising move. The exact reason for the burn was not given but someone seems to have cashed out a huge amount. Bitcoin was unable to claim the $10,000 price point in the same time despite breaking the level twice since the start of the year. The leading cryptocurrency is now trading at about $9,800 and according to some analysts, the $9,650 price level will be the next support line. It still remains to be seen whether this new batch of USDT coins will boost the bulls or will it take more than a week for it to enter the market. However, the coins still sit as an inventory and Tether issuances have been correlated with the positive price movement of the stabelcoin again. The studies found that more than 70 percent of the Bitcoin rallies correlate with USDT issuing so we have to wait and see how big of an effect will these batch of coins have on the market.
`
Continue Reading

Tether News

Tether USDT Token Goes Live On Algorand: Report

Published

on

By

Tether USDT token
The Tether USDT token goes live on Algorand as per the latest reports that we have in our Tether news today. Tether launched a version of its stablecoin that is pegged to the dollar on Algorand and this represents the significant use of the platform’s standard asset specification. The news was revealed in an announcement which was published by Tether only yesterday. Algorand itself was designed to act as a highly scalable blockchain which offers features such as fast confirmation times and low transaction fees. It also uses the ‘’pure proof of stake’’ and permissionless blockchain which aims to grant access to as many participants as possible to engage in consensus. However, like many other cryptocurrencies, the native token of Algorand (ALGO), did not provide price stability and combined with Tether USDT token, can provide the best of both worlds according to the latest announcement. Algorand users will have access to Tether which is the most liquid and stable medium of exchange. Tether’s implementation of Algorand will benefit from the block confirmation in less than four seconds and transaction fees that will be lower than one percent, unlocking the opportunity for micropayments conducted on the blockchain. Tether initially announced the plans to launch on Algorand back in 2019 in July but the decision seemed to have depended on features that were not present until the 2.0 upgrade of the blockchain which occurred in December. The arrival on the new blockchain represents another step forward for Tether and its blockchain expansion. USDT originated on the Bitcoin Omni layer back in 2014 and it has since gone live on a lot of other blockchains including EOS, Ethereum, and TRON. Tether has also launched a few other stablecoins that were tied to assets to other than US dollars and the company even offers stablecoins backed by the EURO and the Chinese Yuan. Though Tether is extremely controversial because of the fact that it is difficult to audit in full, the company reportedly has about $4.6 billion worth of collateral under control which makes the Tether USDT token the most significant stablecoin so far. Tether’s decision to issue USDT on Algorand represents the first time the Algorand Standard Asset specification has been used in this way.
`
Continue Reading

Tether News

Bitfinex Users Can Now Trade Tether Gold Stablecoin Against BTC

Published

on

By

bitfinex users
One week after the launch of the gold-pegged stablecoin Tether Gold (XAUT), Bitfinex users can now trade Tether Gold against Bitcoin (BTC) on the exchange. The news came on January 30 when Bitfinex said that it rolled out three margin trading pairs for Tether Gold, a digital asset which is backed by physical gold which was introduced by Bitfinex's affiliate firm Tether on January 23. We can also see that the crypto exchange now allows traders to use Tether Gold against Bitcoin as well as the US dollar and the dollar-pegged stablecoin Tether (USDT). For those of you who don't follow our cryptocurrency news, margin trading is basically a feature which enables traders to borrow funds to increase leverage. This feature will require an initial equity of 20% and provide a maximum leverage of 5x, as Bitfinex noted. The fact that Bitfinex users can trade Tether Gold on the exchange confirms the fact that this is one of the newest stablecoins launched by the major cryptocurrency firm alongside the controversial stablecoin USDT, which is known as the world's leading stablecoin. However, USDT has been linked with many controversies and some believe it doesn't have enough dollars to back the token. The company has therefore been struggling to convince the public that USDT is backed by the appropriate amount of dollar holdings. Bitfinex users now believe that Tether Gold is "the best way to hold gold" as the exchange claims, mostly because its physical gold storage backing is held in a Swiss vault, adopting "best in class security as well as anti-threat measures." The controversy around Tether's USDT shows that both Tether and Bitfinex have previously been accused of cryptocurrency market manipulation. There are even some ongoing lawsuits alleging that the companies caused the 2017 Bitcoin bull run which led to all-time highs on the market and the Bitcoin price news featuring BTC being traded at $20,000 per coin. Bitfinex users can now trade Tether Gold. However, there are yet to be reviews on the ease of trading, the features of the stablecoin and many other things worth considering - all showing whether this is a good stablecoin or not.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - Stablecoin Tether (USDT) Gains Popularity As Payments Method

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - Stablecoin Tether (USDT) Gains Popularity As Payments Method

ADVERTISEMENT

oasistrade banner

ADVERTISEMENT

300 250 - Stablecoin Tether (USDT) Gains Popularity As Payments Method
FO710FC3F2305 1 - Stablecoin Tether (USDT) Gains Popularity As Payments Method

ADVERTISEMENT

300 600 3 - Stablecoin Tether (USDT) Gains Popularity As Payments Method

Trending Worldwide