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Tether Continues Serving As Bridge Between Crypto And Fiat: Report

Stefan by Stefan
30/08/2020
in Tether News
Reading Time: 2 mins read
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Tether Total Asset Value Decrease Compared to 2021
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Tether continues serving as a bridge between crypto and fiat thus boosting crypto adoption, especially in the current conditions in a pandemic which made everything uncertain. The viability and security of digital currencies have come to the forefront and people are now looking out for alternatives to traditional payment methods, and here’s where Tether can help.

In today’s Tether news, we can see that stable coin is a huge example of how global markets are able to operate efficiently by leveraging the blockchain technology. USDT is actually a payment rail which can provide further innovation. Tether Holdings Limited was first established by the Hong Kong-based Company and the token was and still is, fairly controversial. There were many warnings from professional analysts, lawyers, and traders that the stablecoin doesn’t have the financial backing of the USD as required.

Fiat currency

Despite the negative comments, the growth of Tether was food and it even has a market capitalization of more than $10 billion. Tether continues serving as a bridge between crypto and fiat as it can be easily transferred and is stable. Also, the advantage for investors is that by roughly aligning with the value of the coin with USD, it will be possible to control volatility and inflation closely. Sydney Ifergan tweeted:

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 “Tether (USDT) is growing everyday as a value transfer layer protecting the value of investments in the cryptocurrency world.”

Defi and token swapping protocols such as Uniswap are also contributing a huge deal to help with Tether’s usage. The supply of Tether has surpassed $13 billion which means that it has grown by 225% and it doesn’t seem to show any signs of slowing down. With the increasing number of people that are looking for alternative banking methods, digital currencies are coming to the forefront. Since the gas fees on ETH are increasing, most of the USDT is slowing down the network and the stablecoin is also finding it hard to operate on the network. They have also migrated a huge chunk of their operations to the OMG network.

OMG Network

Vansa Chatikavanij, the CEO of the OMG network tweeted:

 “Today, we’re excited to announce the launch of Tether on the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum.”

The OMG network expressed that they are happy to address the main issues that will drive further adoption of open financial services. The average daily transfer value for Tether surpassed the one of Bitcoin and PAypal. The weekly average adjusted transfer value for Tether hit $3.55 billion which is 20% more than Bitcoin.

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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 [email protected]

Tags: bridgeCrypto adoptioncrypto and fiatfiatStablecoinTethertether stablecoinusdt
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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