Tether (USDT), the world’s most liquid stablecoin, surpassed $40 billion in market capitalization on Wednesday, highlighting the rapid growth of cryptocurrency investing over the past year. At its highest point Wednesday, Tether’s market cap reached $40.1 billion, according to CoinGecko, making it the fourth-largest digital asset behind Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). In terms of stablecoin rankings, Tether is four times larger than the USD Coin (USDC), which has a market cap of around $10 billion. USDT dominance is currently around 67%, according to Messari. Tether’s market capitalization has grown by a factor of ten over the …
Stablecoin operator Tether accidentally minted and subsequently burned 5 billion USDT tokens, Whale Alert tweeted on July 13. Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — noted that 50 million USDT tokens were transferred from cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether Treasury minted 5 billion USDT tokens on the Tron blockchain, after which it burned them. Then, Tether minted another 50 million USDT on the same chain, burned another 4.5 billion USDT, and finally transferred 50 million Tron-based USDT …
Tether has been one of the most controversial topics in the cryptocurrency community over the last two years — and things have come to a head over the past few weeks. The wider crypto community has been skeptical of the stablecoin and its claims that it was operating legitimately, due to concerns around its reserve policy. Stablecoins are centralized cryptocurrencies that are typically pegged to a fiat currency like the United States dollar or valuable commodities like oil or gold. Tether (USDT) claimed to be backed by the U.S. Dollar at a 1:1 ratio. For the last two years, industry …
Popular stablecoin Tether has announced 1:1 redemptions of USDT to fiat, while affiliated crypto exchange Bitfinex added two new Tether-fiat trading pairs, according to announcements from both firms Tuesday, Nov. 27. Tether announced the direct redemption of Tether to fiat along with a major redesign of its platform for the verification of new customers. According to the official announcement, the update allows users to redeem their tokens on the Tether.to platform at a USDT to fiat ratio of 1:1. All Tether deposits and withdrawals are zero-fee, while fiat transfers are are subject to commissions. Tether customers will be limited to …
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 …