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Tether USDT Token Goes Live On Algorand: Report

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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.

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Tether’s CTO Claims USDT Can Inject Liquidity In DeFi Space

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Tether's CTO
Tether’s CTO Paolo Ardoino, believes that the USDT stablecoin can bring a lot of the needed liquidity and stability into the decentralized finance space. The chief technology officer of Bitfinex and Tether also commented about how the DeFi space is facing systematic risks and how tether’s stablecoin can help prevent that. In the latest tether news today, we read more about his idea. Tether’s CTO commented:
"You cannot have algorithmic stablecoins relying only on the crypto-assets themselves."
According to him, the value of the DeFi space is a space of complicated financial products and cannot be based solely on the value of one volatile asset without having the opportunity and it could blast in fire at any moment he noted. MakerDAO was really close to the emergency shutdown recently after the dramatic spike in demand for the DAI stablecoins and activity. The users tried to shore up the undercollateralized loans which eventually created a $4 million debt bubble. For the entire DeFi space to grow more and attract more investors, it has to leverage value somewhere else and to diversify the risks. The CTO of Tether said that tether is quite resilient and the collateralized collateral of the US dollars can also provide a safe set of shoulders for the DeFi ecosystem. Tether already entered hard into the DeFi space announcing the partnership in early march with the Ethereum-based lending protocol AAve. The CEO of Aave Stani Kulechov said that with the Tether partnership they gain a fiat gateway for institutional investors and will help them inject liquidity into the DeFi space. This means that Tether has fewer chances to fall from the dollar peg and can even act as a collateral for the DeFi products with fewer risks of a sudden price drop and liquidations surge. Ardoino said that Tether has to look to its strengths:
"We need to keep evolving. If the EU launched a global stablecoin tomorrow, of course [tether] cannot compete in market cap."
The total market capitalization of USDT has almost tripled from the $2 billion in 2019 and is now at $6.2 billion. Tether cooperates with Ethereum, EOS, Algorand, Omni, Tron and Liquid Network. The goal is to support and empower the ventures and innovations in the blockchain industry. Also as per the recent Tether news, ByBit launches two-way margin trading and as they said, using a stablecoin also removes the volatility brought by non-pegged cryptocurrencies.
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Tether Perpetual Contracts Now Available On KuMEX And ByBit

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Tether's CTO
Tether perpetual contracts were launched on Bybit and KuMEX officially as we are reading more in the tether news below. The blockchain-enabled platform Tether, that uses the largest stabelcoin by market cap USDT, is now available in futures contracts on ByBit which is a derivatives exchange but also on KuMEX which is also a derivatives trading platform derived from the KuCoin crypto exchange. The launch of the Tether perpetual contracts on both of the platform only shows the growing popularity of USDT as the most trusted and liquid stablecoin. The USDT stablecoin and perpetual contracts will allow the traders to hedge their positions by holding both short and long positions at the same time. This will provide the traders with a lot more flexibility and they will easily manage their portfolios. The CTO of Tether Paolo Ardoino stated:
 “I'm delighted to see that Tether USDT is once again the trusted choice of the growing derivatives industry. Bitfinex, OKEx, and other major exchanges have already launched derivatives products that use Tether USDT for collateral and settlements. We see more exchanges are following month after month.”
The total market capitalization of USDT has almost tripled from the $2 billion in 2019 and is now at $6.2 billion. Tether cooperates with Ethereum, EOS, Algorand, Omni, Tron and Liquid Network. The goal is to support and empower the ventures and innovations in the blockchain industry. Also as per the recent Tether news, ByBit launches two-way margin trading and as they said, using a stablecoin also removes the volatility brought by non-pegged cryptocurrencies. With this, the USDT perpetual contracts attempt to replicate the underlying spot markets using increased leverage. With Bitcoin and other major cryptocurrencies getting rid of about 50 percent of their prices, Tether’s circulating supply increased and proved once again to be the only safe haven asset during the Thursday market crash. The investors started converting some of their risky assets into cash. The market capitalization of some of the other fiat pegged stablecoins also increased. The USDC which is the closest rival to Tether increased its circulating supply by more than 30 percent from the start of March.
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Stablecoin Transfer Value Hit $444 Million Today: Report

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stablecoin transfer value
The blockchain analysis company Coin Metrics issued a new report showing that the stablecoin transfer value has hit $444 million all while Bitcoin (BTC) was experiencing one of its worst drops in history. The company, which conducts analysis of various aspects of cryptocurrency tokens, recently released their State of the Network report on March 23 in which they elaborated on how the rest of the crypto market fared during the BTC crash from two weeks ago. As the data from Coin Metrics suggests, the stablecoin transfer value was impressive as these coins gained market share, spreads on spot and futures markets widened. This is how the transfer fees spiked and how people rushed to deposit coins. The crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced the major downturn. The cryptocurrency news today also show that stablecoins like Circle's USD Coin (CUSD) had market caps which reached all-time highs days after the downturn. As you probably know, stablecoin market caps are generally expected to increase after a major crypto market downturn - but this did not happen in this case.
“Stablecoin transfer value hit an all-time high amidst the market turmoil. On March 13th, the aggregated transfer of all stablecoins that we track reached a new all-time high of $444.21M.”
We could see the stablecoin transfer value growing - but also other stablecoins which came out on top. Tether's USDT, for instance, had a large increase in market cap which reached $3.7 billion on March 22.
“The dual impact of Bitcoin’s USD value halving and massive issuance of stablecoins led to stablecoins’ market cap as a percentage of Bitcoin’s doubling in a matter of days.”
While USDT gained a lot from this, the USD Coin news show that USDC was the winner of the crash in terms of market caps. The stablecoin managed to record a 57% increase over the last thirty days and is currently being used as collateral on the MakerDAO network after the price of their own decentralized stablecoin Dai (DAI) increased to $1.06. The coronavirus definitely shook many things on the markets and started affecting the stablecoin markets, too. The good news, however, is that the supply of stablecoins began growing and investors may be flocking to them to provide stability.
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ByBit Launches Two-Way Margin Trading With Tether (USDT) Support

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ByBit Launches Two Way Margin Trading With Tether USDT Support FILEminimizer - ByBit Launches Two-Way Margin Trading With Tether (USDT) Support
One of the most popular Singapore-based cryptocurrency exchanges named ByBit launches two-way margin trading with Tether (USDT) perpetual contracts. This is the latest addition to the exchange's suite of derivative products. As we can see, the contracts will use the world's largest stablecoin by market cap as the quote and the settlement currency for two-way trades. This will enable traders to hold both long and short positions at the same time and with different levels of leverage. All of the profits, losses and account balances will be denominated in USDT, making it both clearer and easier for traders to make investment decisions using this stablecoin. ByBit launches two-way margin trading and as they said, using a stablecoin also removes the volatility brought by non-pegged cryptocurrencies. With this, the USDT perpetual contracts attempts to replicate the underlying spot markets using increased leverage. Besides the Tether news, other contracts must see a trader holding account balances in multiple currencies because profits and losses are denominated in the currency that is underlying the contract. If they receive a margin call, it means that it is filling their margin using the relevant asset that underlies that contract. The same USDT perpetuals will simplify the process for traders who want to make most of cross-margin to better use the unrealized profits on their accounts. This profit can be used as a top-up margin for other existing positions as well as a cross other contracts, as ByBit revealed. This is not the only feature that ByBit launches now. Besides the Tether (USDT) trading addition, the crypto derivatives exchange has been popular in the cryptonews for its BTC/USD and ETH/USD pairs which can be traded with as much as 100x leverage. The matching engine that the exchange holds is capable of up to 100,000 TPS (transactions per second) as the exchange claims, which is both impressive and presents many novelties for traders interested in leveraged trading.
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