As Bitcoin (BTC) and the cryptocurrency market at large experience a major downturn, people turn to stablecoins in an attempt to preserve their capital. Some stablecoins have grown more than others, however. Stablecoin marketcaps are generally expected to increase after a major cryptocurrency market downturn. However, this is not what happened for most stablecoins during the past week. According to data from Coin360, Bitcoin has fallen from a height of nearly $8,000, down to under $4,000 between March 12 to March 13. Bitcoin 7-day price chart. Source: Coin360 USDC market cap sees major growth Jeremy Allaire, the co-founder and CEO …
Stablecoins attempt to be fiat currencies among cryptos. They can be a medium of exchange, a means of storing value and a unit of account. Unlike other digital coins, stablecoins are tied to some kind of stable asset — such as the United States dollar, euro or even gold. Linking to such assets confirms the coin’s stability and mitigating the volatility of cryptocurrencies. Related: Stablecoins Explained With this type of a token, an equal amount of fiat currency should be stored by the issuing company to back the value of the token. The owner of this token should be able …
Major cryptocurrency exchange Binance has renamed its Tether (USDT) Market to be a combined Stablecoin Market (USDⓈ), according to an announcement published Nov. 26. This will purportedly allow the exchange to support more trading pairs of stablecoins. The exchange also notes that USDⓈ is not a new stablecoin, but the symbol of Binance’s new stablecoin market. Binance will deliver a separate announcement about what exact pairs will be moved or added to this market. The move follows the Nov. 15 announcement that Binance would start listing blockchain payment company Circle’s USD-pegged stablecoin USD Coin (USDC). Prior to that, Binance added …
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision. Tether, a cryptocurrency that has long been a point of contention in the community, has seemingly been uppegged from the US Dollar. The stablecoin, by virtue of that very description, was linked to the US Dollar at a 1:1 ratio. Simply put, every Tether token that was minted had to be backed by a US Dollar. Concerns around the validity of Tether’s reserves of fiat currency corresponding to the circulating amount of tokens seem …
Cryptocurrency exchange OKEx has launched Bitcoin (BTC) futures contracts that are margined with the Tether (USDT) stablecoin. OKEx announced the new offering in a press release on Nov. 14. OKEx first announced its intention to launch USDT-settled futures trading with up to 100x leverage at the end of October. Now, after conducting a simulation that began on Nov. 5, the exchange listed the BTC/USDT offering on its trading platform. The exchange previously said that offering a stablecoin-based derivatives contract will make it simpler and more efficient for traders to navigate the market and calculate risk. OKEx CEO Jay Hao commented: …