Tether’s CEO Paolo Ardoino says that the recent pushes for governments to adopt crypto regulation for central bank digital currencies won’t reflect on stablecoins such as USDT as we are reading in the latest Tether news today.
With a market cap of more than $10 billion, Tether will not be displaced by central bank digital currencies, as per Tether’s CEO Paolo Ardoino:
“In the long term, we believe that Tether will continue to exist alongside CBDCs. Tether will remain in demand as it continues serving and unifying a variety of ecosystems.”
The reports show that the Japanese government is planning on including a central bank digital currency regulatory draft in their official economic plan but shortly after the Bank of Japan announced the experiment with the digital yen, the Bank of England governor Andrew Bailey said that the institution is considering the issuance of a digital pound. Ardoino said that CBDCs in any country will not replace Tether as the token has dwarfed the rival stablecoins such as the USD Coin and Binance Coin in terms of market cap, number of users and trading volume.
Some of the digital yuan experts agree with this notion. Charles Yang of Genesis Block commented that China could not easily stop the USDT circulation despite the threat that it could pose to capital controls and oversight. Hundreds of millions of dollars in Tether are traded each day in the Asian region. Following Tether’s overtaking of Ripple to become the third-largest token by market cap back in May, a recent report predicts that USDT could pass Ethereum to fill the number two slot. According to crypto analytics company Messari, USDT now has a market cap of roughly $10.3 billion.
How does it feel to be "playing" with tens of millions?
— Paolo Ardoino (@paoloardoino) July 20, 2020
Tether’s treasury minted 80 million new USDT to unknown wallets over the past day according to Whale Alert’s reports. Tether is the world’s most valuable stablecoin by market cap which got a lot of traction over the past period. The latest development seen is that Tether’s treasury minted 80 million new tokens to unknown addresses as we can see from Whale Alert’s reports. Tether is designed as a blockchain-based cryptocurrency that has its digital coins in circulation backed by the same value of fiat currencies such as the US dollar, the Euro, or the Japanese Yen.
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