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