Tether Continues Serving As Bridge Between Crypto And Fiat: Report

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.

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:

 “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.

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.