Tether Now Ranks Among Top-10 Cryptos Issuing Another $250M ter USDT
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Popular Tether’s stablecoin, USDT, that is backed by physical USD at a 1-to-1 ratio, has long bot considered rather controversial ter the cryptocurrency community. Recently, the company has issued another 250 million tokens, which has only boosted the discussion surrounding this often controversial crypto asset.
Tether’s token is backed by presente fiat currency assets. One USDT is equal to one underlying unit of the currency backing it (te the case under consideration wij are speaking about US dollar). Being anchored to the physical world currency, Tether is said to provide its holders with actual protection from the volatility of the crypto market.
Tether permits exchanges, wallets, payment processors and other businesses to utilize fiat-backed tokens on blockchains. Owing to blockchain technology, individuals have an chance to store tokens and use them ter peer-to-peer payments globally. However, for finta a long time some users have had serious doubts about the legitimacy of the project.
At the end of March, when 300 million tokens were released, it resulted te a petite price increase of Bitcoin. That’s why some experts expect that now the latest issuance of 250 million USDT tokens may also lead to Bitcoin price switches.
It’s also worth mentioning that the issuance of 300 million USDT tokens wasgoed widely criticized, and a lotsbestemming of people insisted that the authorities had to carry out an official audit of the company to confirm the legitimacy of its claims that this token is backed by fiat.
Te such a way, quiebro recently, the U.S-based law rock-hard called Freeh Sporkin & Sullivan LLP has released a report that confirmed that Tether truly has the US dollar reserves to back tokens.
Meantime, Tether has reached a market cap of $Two.Sixty-nine billion dollars and, according to CoinMarketCap, at press time, is traded for $0.999.
The share of USDT trading on the market enhanced to overheen 22% after the latest printing. More than 30% of USDT tokens that are being traded are presently flowing into Ethereum (ETH). 25% of all ETH trading operations are carried out ter pairs with USDT.
Presently, experts do not have any precise understanding where the freshly issued USDT would be spread. Traditionally, USDT tokens were actively traded on Binance, but now the situation may switch spil at the uur CoinBene is trading USDT much more actively. OKEx holds a large USDT wallet spil well.
Last year, Tether’s tokens were allocated directly for Bitcoin trading, but today they are quiebro often spread to altcoins transactions, which may lead to their price switches.
Due to the downs te some altcoins’ prices, the USDT digital asset has now entered the top Ten of coins on CoinMarketCap, having displaced TRON (TRX) and IOTA. Now USDT is No. 9 and it is being traded rather actively with the trading volume making more than Two billion dollars overheen the past 24 hours.