$68B Tether USDT Market Was Controlled by Four Individuals as of 2018: WSJ Report
The largest stablecoin in the crypto industry Tether (USDT) has grown exponentially since its inception in 2014. With approximately 68 billion Tether units in circulation, USDT enjoys a higher daily traded volume than Bitcoin and Ethereum combined. According to our latest crypto price oracles, Tether (USDT) enjoys a daily trading volume of about $40,058,042,121.
With over 4 million holders according to on-chain data, Tether USDT has facilitated about 175,246,251 transactions. Furthermore, the stablecoins market is vital to offset the high crypto volatility as traders either take refuge or profit.
Tether USDT Ugly Past
As the leading stablecoin by market capitalization and daily traded volume, Tether USDT has received significant attention from global lawmakers and media companies. According to a recent report by Wall Street Journal, approximately 86 percent of Tether USDT was controlled by four individuals by 2018. Notably, the WSJ had access to investigatory documents from 2021 probes of Tether by the New York Attorney General and the federal Commodity Futures Trading Commission (CFTC).
“One founder was a child actor turned early crypto investor. Another founder and top shareholder practised plastic surgery before turning to electronics importing and then crypto. One newer owner has gone deep into British politics,” the WSJ noted.
Reportedly, Giancarlo Devasini, Bitfinex’s chief financial officer, owned about 43 percent of Tether in 2018. The documents further note that Bitfinex CEO Jean-Louis van Der Velde and Chief Counsel Stuart Hoegner, each owned roughly 15 percent of Tether USDT by 2018.
The claims have, however, been vehemently opposed by Paolo Aordino, the chief technology officer of Bitfinex and Tether, stating the claims are uncalled for. Moreover, the company claims all Tether USDT is 100 percent backed by fiat currency.
This Is How Circle’s USDC Will Outcast Tether’s USDT
In the last 24 hrs the star cryptocurrency, Bitcoin has plunged from its crucial support level of $23K. Also it happens to be the second day that Bitcoin is flashing negative marking. However, the global crypto market cap is still holding on to its $1 trillion mark, but a few figures away from dropping below the mark.
At the time of writing, Bitcoin is selling at $22,725 after a fall of 1.61% over the last 24hrs.
Meanwhile, a renowned crypto analyst and host at Coin Bureau channel, Guy Turner is hoping for one of the US dollar-pegged stablecoin to lead the crypto market. The analyst informs his 2.2 million subscribers that Circle’s USD Coin (USDC) which is the second largest stablecoin will soon overshadow Tether’s USDT.
USDC To Overshine USDT
As per Guy Turner, the USDC’s supply has spiked massively in the last few years. This is one of the reasons for him to consider USDC to become predominant stablecoin in the next two years.
However, the analyst portrays concern in connection with Circle’s USDC as it is backed by Goldman and partnered with BlackRock. Turner then talks about USDC’s willingness to censor transactions if asked. On the contrary, he believes that the stablecoin portrays a healthy competition that boosts for better products. Further he views this as an opportunity where people can diversify their stablecoin holdings.
Hence, the strategist asserts that this is the reason why he believes Tether will emerge as one of the fully audited stablecoin and will address the funds completely. However, until this happens, Guy Turner is confident that Circle’s USDC will continue to portray its massive growth.
The Battle For Stablecoin Dominance: USDC Dethrones USDT!
The two largest stablecoins by market capitalization, Tether’s USDT and Circle’s USDC, continue to compete for dominance in the market. As of recently, USDC has dethroned USDT in terms of transfer volume, according to an on-chain statistical study conducted by Glassnode.
Specifically, USDC transfer volume has averaged above 15 billion for the past three months, whereas USDT transfer volume has averaged below 5 billion during the same period. Notably, Tether’s USDT has lost one of its major customers, FTX and Alameda, which has contributed to a decrease in its transfer volume.
Despite this, Tether’s USDT has maintained its position as the top stablecoin in terms of market capitalization and daily trading volume.
According to market data provided by Binance-backed Coinmarketcap, USDT has a market capitalization of approximately $66,280,561,302 and a 24-hour trading volume of about $23,449,553,551. Additionally, according to on-chain data provided by etherscan.io, USDT has a total of 3,968,318 holders who have made 171,639,755 transfers.
On the other hand, Circle’s USDC has a maximum total supply of 40,745,274,208.26955 and a 24-hour trading volume of around $2,714,241,204. Additionally, according to on-chain data, USDC has a total of 1,578,797 holders who have made 57,695,025 transfers.
Among the largest holders of USDC include Maker, Binance, crypto.com, and the Polygon network, among others.
The divergence of Tether USDT and Circle’s USDC in transfer volume significantly increased after the Bitcoin price and crypto market began the 2022 bear market. This indicates that problems within FTX may have begun way earlier than the day SBF rang the alarms.
What Are The Institutional Investors Choosing?
The stablecoin market has gained significant popularity in recent years due to the high volatility of cryptocurrencies such as Bitcoin and Ethereum. Retail traders have been using stablecoins as a hedge against volatility, allowing them to take profits during bullish markets or protect their assets during bearish markets. However, mainstream adoption of cryptocurrency requires a highly transparent and audited stablecoin market to avoid instances such as those with Terra and Luna, and UST.
Circle’s USDC has gained favor among institutional investors, including BlackRock and BNY Mellon, due to its high level of transparency. For example, every month, Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms, provides third-party assurance of the size of the USDC reserve.
In contrast, Tether’s USDT has struggled with providing reserve data over the years. Furthermore, Tether was fined over $40 million by the U.S. Commodity Futures Trading Commission (CFTC) for making misleading statements regarding its reserve data. This highlights the importance of transparency and trust in stablecoin markets, and the advantage of USDC as compared to its competitors.
Institutional Investors Bet Against USDT: Bitcoin and Altcoin Trade Shift Is Quite Possible
At the beginning of 2023, the market participants believed that the crypto space may respond positively after being extremely bearish throughout the year 2022. However, the events that dragged the value of most of the cryptos lower may have a deep impact in 2023 too. Despite multiple bearish occurrences, the dominance of Bitcoin sustained close to 40%. Hence appears to be preparing for a large move in the coming days.
A bearish confirmation for USDT is about to flash that may also squeeze out the Tether dominance within the markets. Moreover, the pace of the expected plunge is believed to be pretty lower that may compel traders to shift their trade to Bitcoin and other altcoins very soon. Therefore, the BTC price along with popular altcoins is believed to grow for a while ahead.
If the USDT drops the ascending pattern and drops, then Bitcoin and altcoins are believed to grow together In fact, BTC price may steal the show with a gigantic rise and the altcoins are believed to enter the correction phase. Once altcoins have been accomplished with the correction phase, it will be when the BTC rally may begin.
Bitcoin & altcoins are speculated to print higher highs and lows, maintaining a significant uptrend as the money flow may be from Bitcoin to other altcoins.
This may attract players into the game as the market may be again under a euphoric run. However, the run is believed to be a short-lived one as the bearish wave is believed to outpower the bulls very soon. Therefore, after undergoing a bullish quarter though, Q1 2023, the following quarter could be largely bearish. However, the Bitcoin price is believed to mark new lows before igniting a giant bull run.
Controversy Brewing? Coinbase Urges Users To Switch To USDC from USDT!
Recently, there has been a significant amount of worry over the credibility of Tether (USDT). In a most recent turn of events, controversy seems to be brewing in the industry as a result of Coinbase publishing a blog post that criticizes USDT and urges users and investors to migrate to its competitor, USD Coin (USDC).
During times of market volatility, users are provided with security and trust by fiat-backed stablecoins, which are cryptocurrencies that are tied to reserve assets such as the United States dollar. However, the events that have occurred over the last few weeks have put certain stablecoins to the test, and according to Coinbase, there has been a flight to safety.
What is Coinbase’s Newest blog about?
As part of a new marketing initiative that places greater emphasis on the caliber of the reserves that support the Circle-owned token, the largest crypto exchange in the U.S. is doing away with the need that customers to pay a conversion fee in order to switch to the trustworthy and more secure stablecoin, as stated in its latest blog post.
https://twitter.com/coinbase/status/1600997059770736641
“We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today we’re waiving fees for global retail customers to convert USDT to USDC.”– Coinbase
The United States exchange has said that it was a co-founder of USDC in 2018, with the intention of bringing about a more accessible and decentralized monetary system throughout the globe.
The USDC is a one-of-a-kind currency because it is fully backed by cash and short-term U.S. treasuries that are held in financial institutions that are regulated by the country, says Coinbase. It may always be exchanged for one dollar in U.S. currency at the rate of 1:1.
Customers are demanding more openness, which USDC satisfies via the monthly attestations provided by Grant Thornton LLP, which is one of the leading audit, tax, and consulting companies in the United States. Additionally, Coinbase provides its qualifying clients with the opportunity to earn up to 1.5% annual percentage yield (APY) on their USDC holdings.
It would seem that exchanges are taking sides in the battle for the position of most dominant stablecoin. Coinbase is following in the footsteps of Binance, which in September released a function that automatically converts USDC to BUSD in order to support its own stablecoin. Coinbase is doing the same thing. Since that time, the percentage of the stablecoin market that is held in BUSD has increased substantially.
How This Could Affect Tether?
Coinbase’s advocacy for a switch from USDT to USDC could affect Tether, who according to its most recent quarterly report, has 82% of its reserves stored in cash, cash equivalents, and other short-term deposits as of September 30.
On-chain indicates that Tether’s USDT is the third most actively traded digital currency on Coinbase, making up around 5% of the overall volume. The Stablecoins issuer has not yet published a thorough audit of its reserves but maintains that the reserves are properly supported despite this.
When Tether reduced its $24 billion in commercial paper holdings, the company claimed to have lost no money. The majority of the stablecoin issuer’s reserves are currently held in U.S. Treasury bills.
A court in New York, United States, demanded financial documents related to the backing of USDT from Tether in late September. The lawsuit seeking the New York Attorney General to disclose the evidence it obtained during its investigation of Tether’s reserves is distinct.
Although USDC has grown in popularity, USDT is still the biggest stablecoin by market cap and has more than $23 billion in market cap than USDC.
Conclusion
USD Coin (USDC) and Tether (USDT), both pegged to the US dollar, have become the most popular stablecoins, dominating the market and being supported by the vast majority of cryptocurrency infrastructure.
Those who are concerned with privacy should use USDC, while those seeking liquidity and who want to invest in a cryptocurrency with bigger trading volumes should use USDT.
Given its prominence and influence in the crypto industry, Coinbase has a good chance of winning its fight for a switch. Coinbase is expected to have the same kind of success as Binance had when it promoted its stablecoin, BUSD.
Oryen Network Pushes +200% Due To Huge Buys With USDT And USDC
Stablecons like Tether and USD Coin are integral to the crypto world. By being tied to regular fiat currencies like the dollar, they give holders true stability and a price they can always understand. So when major holders of extremely stable currencies like USDC start moving their funds into other projects, people take notice. That’s what’s been happening recently with Oryen Network: and it’s already up 200% as a result.
But if you missed your chance to enjoy these gains: there’s still time left to enjoy more. ORY hasn’t even officially launched yet, and many experts think it’s set to be one of the break-out stars of the crypto world over the next few months when it does. By investing now, you could enjoy even bigger gains when it hits mainstream marketplaces and continues to capture the public’s imagination.
Oryen Network (ORY) thriving thanks to major influx of investments
Oryen’s performance during pre-sale is even more impressive when looking at the wider crypto market’s recent issues. If you’ve got other investments in the industry, you’ll probably have seen how much your portfolio has been struggling recently. Most people are experiencing the same issues: but those invested in ORY are bucking the bear market trend. They’ve already seen gains at a time when almost every other crypto is plummeting. And they’re expecting even more gains now major holders of USDT and USDC are all-in on the project. With the biggest passive income yield ever at 90% and the easiest staking model ever seen in crypto, these price movements will be supported by a truly sustainable system that pays out generously over time. So if you want price gains and passive yields along the way, join stablecoin investors by putting your faith into ORY.
USD Coin (USDC) leads the way for digital fiat options
In a crypto world where many other investments are open to vast amounts of volatility and price dumps on a day-to-day basis, stablecoins have become a crucial part of the ecosystem. They provide a price that’s tied to a true value like the dollar and can be used easily for purchases and transactions in a currency everyone can always understand the value of. USDC continues to lead the way as one of the most prominent stablecoin options and should always be part of a diversified portfolio alongside more speculative investments as a hedge against volatility.
Tether (USDT) remains stable despite market turmoil
Tether had taken a bit of flak a few months back. Many questioned its ability to remain on a 1:1 dollar peg, especially in volatile times. But despite recent turmoil, USDT has surprised some onlookers by continuing to offer true stability for investors. It’s one of the best stablecoin options out there and is an integral part of the crypto ecosystem. But alongside their USDT holdings, some savvy investors are moving funds into projects like ORY. Now could be the time to follow their lead and gear your portfolio up for long-term success.
Conclusion
While any good portfolio should have stablecoin stability with the likes of USDT and USDC, it should also have investments that could rocket into the stratosphere. And the best option if you’re looking for those kind of gains is ORY, which is primed for the big time in the crypto world and could soon surpass almost every other altcoin. Now’s the perfect time to invest before it finishes pre-sale.
Find Out More Here:
Join Presale: https://presale.oryennetwork.io/register
Website: https://oryennetwork.io/
Telegram: https://t.me/OryenNetwork
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Stablecoins Like USDT and USDC Moving out of Gemini & Other Major Exchanges! What’s Next?
The impact of the FTX collapse has been spreading significantly over the other platforms as more number of them are restricting users’ activity, failing to carry out their business as usual. While some of the platforms who denied earlier have admitted to their platform’s exposure to the FTX crisis.
Therefore, many such platforms are soon expected to open up about their financial stands and exposure to FTX.
In a recent update, the world’s largest exchange Gemini owned by the Winklevoss brothers appear to b in deep trouble as they halt user withdrawal. Meanwhile, they deny being exposed to the Genesis crisis but halting user withdrawals says it all. Hence the larger institutions and maybe whales are pulling out of the exchange.
As per the report, the Gemini staking service may soon shut down and this has compelled the users to quit the platform. The platform witnessed the largest withdrawal movement ever as stablecoins worth more than $300 million exited from the Gemini reserve.
On the other hand, the major stablecoins are also moving out of the exchanges. As per a popular on-chain analytical platform, Santiment, a huge drop in USDT, USDC & BUSD holdings in the reserves of the exchanges has been recorded following the FTX collapse.
With the recent FTX fallout, more money is flowing out of the crypto space. It is quite evident that the large institutions or even the whales may have transferred their holdings from the exchanges and moved them to self-custody. This is believed to have a larger impact on the crypto space as stablecoins are believed to be the highest-traded entity on daily basis.
Tether Blacklists $30 Million USDT Moved Out By FTX Hacker
The crypto space woke up with another hack, the FTX hack and this comes a day after Sam Bankman-Fried led FTX filed for bankruptcy. Now, the latest update claims that Tether has blacklisted $30 million USDT which was transferred by FTX hacker. The world’s largest stablecoin issuer, Tether had recently cleared that it is not connected with FTX nor Alameda.
In the early hours today, FTX hackers transferred around 593.92 Billion SHIB which is worth $5,713,541 from two unknown wallets known as FTX US and FTX Exchange.
Is Alameda Research Trying to Short USDT? Decode the Truth Here!
Ever since the issues regarding the FTX exchange & Alameda have surfaced, a ripple of negative impacts has worsened the crypto markets. Bitcoin and all the popular altcoins marked new yearly lows, causing extreme fear within the space. However, the spotlight was when the top stablecoin Tether(USDT) depeg with a huge bearish wave prevailing within the market.
Meanwhile, the market participants were switching to panic mode, but a sudden recovery calm all the other actions. A similar reaction was recorded soon after Terra (LUNA) underwent a monstrous drop. The USDT also depeg to $0.09989. Soon the circulating supply was slashed by 3 billion which enabled the stablecoin to repeg to $1.
However, a similar drop is witnessed at the moment but appears to be more intensified than before.
As mentioned in the above chart, the USDT had slumped hard to reach below $0.95. Further, a huge amount of USDT was bought & a reduction in supply uplifted the price remarkably. However, in the present case, the bears have capitulated on the market and the selling volume has intensified. As both events are relatable, the speculation of Alameda Research shorting USDT is revolving around space.
The analyst here lists the current events occurring within the crypto markets. The USDT shorting, is reportedly carried out by Alameda by supplying USDC on AAVE and borrowing USDT. Further, the platform swaps USDT to USDC on the curve, and the transaction has been recorded on Etherscan.
If the speculation turns out to be true, then the Tether reserves need to burn more USDT from their treasury than they did before. Meanwhile, the USSDT may repeg to $1 within a few days, but the border market conditions still remain extremely bearish.
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Tether (USDT) Stablecoin Drops Below $1 peg
On Thursday, the stablecoin Tether USD (USDT) saw trading below $0.993, down 0.6% from its targeted $1 peg as investors worried about possible contagion effects from the crypto exchange FTX and its associated trading arm Alameda Research.
According to data from Kraken, Binance, Coinbase, and OKX, the stablecoin is now trading at the four exchanges in the $0.992-$0.993 range. USDT hit such price levels, Prior to May’s implosion of Terra and its associated UST stablecoin.
Tether Cuts USDT Commercial Paper Reserves To Zero
The post Tether Cuts USDT Commercial Paper Reserves To Zero appeared first on Coinpedia Fintech News
On October 13, Tether declared that it has reduced its holdings of commercial paper to zero and will instead invest more into short-term government debt and U.S. Treasury Bills.
Tether stated that its dedication to backing its tokens with the safest available reserves is demonstrated by reducing commercial papers to zero.
Tether claims that storing its reserve in more secure assets would help boost transparency and provide greater security for investors’ funds.
By disclosing specifics about the USDT reserve in its quarterly attestation reports, Tether said it will increase its transparency.
3A-Level Game Zalmoxis Landed On MEXC Launchpad — Hold 10 MX Or USDT To Participate
From 16:00 on Sept. 23 to 15:59 on Sept. 27 (UTC), the cryptocurrency trading platform MEXC will hold the latest event on its launchpad. The event project is Zalmoxis (KOSON), a AAA-level massively multiplayer online role-playing game (MMORPG) game developed by Wenmoon Studios Ltd.
It is known that MEXC’s launchpad is specially launched for MX holders, and MX holders can get the opportunity to participate in the project early. A total of 1 million KOSON will be released in this event, and the price will be 0.1 Tether (USDT). During the event, anyone with MX or USDT holdings of more than 10 USDT can sign up to participate.
The launchpad will still implement the sharing mechanism, and users can share KOSON by registering for this event. The maximum single exchange amount of KOSON is limited to 100,000 MX or 1,000USDT.
According to the introduction, Age Of Zalmoxis is a third-person MMORPG based on the Elrond blockchain built with Unreal Engine 5. The game is set in an ancient fantasy world inspired by European folklore with dungeons and thousands of quests. Players create characters and gain experience through combat, narrative content, events, crafting, dungeons and other means to grow and create a fantasy version of the kingdom of Dacia.
Players can obtain two different types of nonfungible token (NFT) characters for free from the marketplace or from guilds. Players can develop their game characters by gaining combat experience, creating different stories, winning tournaments and many other ways.
The game has two narrative models: adventures and organic content. The adventure narrative guides players to grow and obtain corresponding rewards according to the growth of the character; other players create unique new content through the newly generated content of the game. Players can also build different structures, such as castles, by acquiring a certain number of land plots. These can be used throughout the game or staked to generate tokens that drive the game economy.
In MEXC’s previous launchpads, several projects such as GameFi projects Genopets (GENE), CropBytes (CBX) and decentralized sharing platform Dtravel (TRVL) were launched. They all performed well after their launch on the secondary market.
In addition, according to the MEXC event announcement, KOSON will be launched on the secondary market after this event ends. KOSON’s trading and mining activities, namely the trade-to-earn mechanism, will be launched as well. During the event period, users who trade KOSON will receive KOSON rewards.
About MEXC：
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, exchange-traded funds, futures, staking, NFT Index, etc., and serving more than 10 million users worldwide. The core team has a solid background in traditional finance and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia.” Currently, it supports the trading of more than 1,400 cryptocurrencies and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.
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Tether Ordered to Produce Documentation of USDT Backing
As part of a case that claims Tether colluded to create USDT as part of an effort to raise the price of bitcoin, a U.S. Judge in New York has ordered Tether to submit financial information relevant to the backing of USDT.
Tether is entitled to produce balance sheets, Income statements, cash flow statements, general ledger, and any trade or transfer of the cryptocurrency or other stablecoin by including the time the trade took place
Tether to disclose details concerning Bitfinex, Poloniex, and Bittrex
Additionally, it directs Tether to divulge information regarding its Bitfinex, Poloniex, and Bittrex accounts. The presiding judge dissented, stating that the “records Plaintiffs seek are without a doubt relevant,” despite the fact that Tether’s counsel had tried to delay the order to disclose, calling it “extremely excessive” and “unduly burdensome.”
According to Judge Katherine Polk Failla, the plaintiffs explain the importance of this information in backing of US dollar and USDT
He went on to state, “The records requested in the transaction RFPs appear to relate to one of the Plaintiffs’ central claims: that the Defendants engaged in cryptocurrency transactions using unbacked USDT, and that those transactions “were purposefully timed to inflate the market.
In parallel, a case seeking the release of records amassed during the New York Attorney General’s inquiry into Tether’s reserves is currently being heard by the New York Supreme Court.
The investigation of Tether’s reserves by the New York Attorney General was resolved in February 2021 with an $18.5 million settlement.This news has left Tether USDT trading at $1.00 with a trading volume of $49,011,085,575 and a market capitalization of $70,163,514,335. The total circulating supply in the market is $ 67.96B USDT according to the coinmarketcap.
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Uniglo (GLO) Early Investors See Superb 35%+ Gains By Buying Using Tether (USDT) And Binance USDC (BUSD)
Amongst choppy market conditions and an uncertain macroeconomic environment, a new Ethereum-based token, Uniglo (GLO), is rapidly rising to prominence. This new social currency promises an improved store of value and has already risen by 35% in the last month. Part of its success comes from the wide array of digital assets accepted for the ICO (Initial Coin Offering).
Investors are using their Tether (USDT) and Binance USD (BUSD) to participate. This protocol offers a brilliant way for investors to diversify their portfolios. And position themselves to take full advantage of the incoming violent market reversal.
Uniglo (GLO)
Uniglo’s remarkable performance comes following its smart contract audit from DeFi security specialists Paladin. The audit rallied early investors, and with so much stablecoin in the market currently, it provides an excellent outlet for investors to put their assets to productive use.
Uniglo introduces a value-backed token GLO in reaction to the decline of fiat’s value and the volatility present in the crypto markets. GLO represents a diversified portfolio by holding a unique blend of physical and digital assets, despite being a single token. Interestingly the Uniglo Vault will keep high-end luxury items, the type typically out of the ordinary investors’ reach, such as real estate, fine art, and gold. All of these have proved superb stores of value. Fine art specifically is a great hedge against market downturn because it is typically unaffected by how markets behave.
Tether (USDT)
Tether was launched in 2014 and remains the largest stablecoin by market cap. With a total market cap of over $67 billion, USDT tracks the price of the US dollar, and Tether holds sufficient reserves to back every single USDT. Tether can be redeemed for dollars or minted with dollars.
It holds a blend of cash, commercial paper, and treasury bills to guarantee each USDT. For a long time, there have been negative rumours swirling around Tether and the validity of its reserves. But Tether has proven itself in the bear market with the Luna Crash, which saw a run on USDT and other stablecoins; with billions of dollars redeemed, USDT managed to maintain its peg. And thus prove its ability as a trustworthy stablecoin.
Binance USD (BUSD)
BUSD is the stablecoin of the centralised exchange Binance and soon be the only stablecoin that will be utilised on the platform, with the exchange converting investors’ stablecoin funds into BUSD. This will enhance liquidity and allow more efficient stablecoin trading across the platform.
With a market cap of over $20 billion, BUSD is the third largest stablecoin and one that is approved and regulated by the New York State and releases a monthly audit of its reserves. Widely considered one of the safest options to store digital dollars.
Find Out More Here
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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Near Network To Onboard Largest Stablecoin – USDT ! – Coinpedia – Fintech & Cryptocurreny News Media
The NEAR Protocol has been eventful for a long time. Today, Tether has launched its USDT stablecoin on NEAR protocol, a layer 1 network that enhances scalability and usability. With this launch, NEAR will be the 13th network to circulate USDT after Ethereum, Solana, Algorand, Avalanche, Polygon, Omni, Tron, EOS, Liquid Network, Tezos, Kusama, and Bitcoin Cash’s Ledger Protocol.
NEAR Adopts The Leading Stablecoin USDT
Tether Operations Limited is the company behind operating the blockchain platform tether.to that supports and distributes widely favored and used stablecoin USDT. According to a press release, Tether has launched its coins pegged to the U.S. dollar (USDT) on the NEAR network. The launch of USDT on NEAR will enhance and boost its ecosystem to gain more value in the future.
This launch means that users of the NEAR network will be able to use USDT for various purposes like staking, generating yield, transferring USDT, etc. In addition, the NEAR network just touched the milestone of 700 projects running on its network.
Regarding this launch, Tether CTO Paolo Ardoino said, “We’re excited to launch USDT on Near, offering its community access to the first, most stable, and trusted stablecoin in the digital token space. The Near ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”
NEAR Foundation reports that the network has been utilized to execute 300,000 to 400,000 transactions daily. Marieke Flament, CEO of NEAR Foundation, stated, “We champion initiatives that can bring greater stability to the DeFi ecosystem and help us advance the mass adoption of Web3. We look forward to seeing what Tether will achieve with the launch of USD₮ on NEAR Network and the vital role it will play in shaping the future of finance and the digital economy.”
NEAR Price Is On The Move!
NEAR Foundation has been continuously putting efforts to give its network great value in the future as it announced a $100 million venture capital fund and lab for the web3 community today. The ongoing developments and ecosystem within the NEAR network build a perfect opportunity for USDT to venture. According to a recent update, NEAR has surpassed 2.25 million transactions with an average of 751k transactions. The network has also witnessed a jump of 17% in account holders.
According to CoinMarketCap, NEAR is currently trading at $5.18, a spike of 10% from yesterday. NEAR has been outperforming for the past two months due to its innovative modifications. The price of NEAR is anticipated to surge this week following USDT’s launch. The launch of USDT on the NEAR network will further strengthen Tether’s dominance and position in the market.