Antoni Trenchev, co-founder and managing partner crypto-backed lending platform Nexo (NEXO), is not worried about the ongoing scandal involving controversial stablecoin Tether (USDT) and Bitfinex. In a recent interview on Bloomberg TV, Trenchev broke down the market response to the news that the New York State Attorney General is suing Bitfinex and Tether parent iFinex. […]
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Crypto Week in Review: Market Shakes Off More Tether (USDT) Drama
Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets. Top Headlines This Week 🔥 Bitfinex Used Tether Reserves to Mask Missing $ 850 Million, Probe Says New York State Attorney General Letitia James said Hong […]
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Tether Updates Website, Says USDT Backed by “Reserves,” Not Just Cash
Tether just updated its website to clarify that each of its USDT tokens, which it used to claim were “always backed 1-to-1 with traditional currency,” are backed by assets other than fiat currency.
Now, the website instead reassures its patrons that it’s always “100% backed by [its] reserves.” It clarifies this vague language, even legalistic language, by saying these reserves “include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”
Tether (USDT) Announces TRON (TRX) Blockchain Expansion
The world’s largest stablecoin, Tether (USDT), is expanding beyond the Bitcoin-based Omni protocol and Ethereum (ETH) blockchain to join the TRON (TRX) network. Today we take the next step in our journey towards stablecoin mass adoption though the introduction of USDT on the @Tronfoundation blockchain. Read more about how Tron has become the latest blockchain […]
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Bearish on Tether? Bitfinex Adds USDT Margin Trading
Crypto trading platform Bitfinex has announced the opening of a margin trading service for the USDT/USD trading pair. According to the platform, the aim of the new service is to improve its stablecoin offering so as to remain consistent with market evolution and user demand. With immediate effect, traders will be able to carry out leveraged
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Tether (USDT) Passes Stellar (XLM) as the Fourth Largest Digital Asset
Tether (USDT), the world’s largest stablecoin, has officially passed Stellar (XLM) in market cap to become the fourth-largest digital asset with a market cap of $ 1.86 billion. USDT has risen in the rankings throughout the 2018 bear market that caused the majority of non-price-pegged cryptocurrencies and tokens to lose around 90% of their value. Back in October, […]
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Tether Will Soon Allow Direct Redemption of USDT — But With a High Minimum
Tether is launching a new liquidity portal, one that will finally allow the direct redemption of Tether’s stablecoin USDT back into fiat.
According to a new report released on the company’s website, Tether is going to “launch a redesigned platform allowing for the verification of new customers and direct redemption of Tether to fiat.”
One of the most successful stablecoins available on the market, Tether’s current market capitalization is $ 1.8 billion. Originally founded in 2014, Tether has seen wide adoption compared to other prominent cryptocurrencies as a popular trading hedge on the industry’s myriad exchanges.
Binance Expands Beyond Tether (USDT) With a Dedicated Stablecoin Market
Binance, the world’s most popular crypto exchange, has announced that it will be renaming and expanding its Tether (USDT) market to USDⓈ, which will now include a number of popular stablecoins with an expanded assortment of trading pairs. Binance Updates USDT Market to Combined Stablecoin Market (USDⓈ)https://t.co/nmRkFWhbMc pic.twitter.com/LHnqEkrwkV — Binance (@binance) November 26, 2018 While the name […]
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Daily Arbitrage Options: Dash, DOGE, XMR, XLM, USDT, LSK
Arbitrage is an excellent way of generating revenue from cryptocurrencies during an extended bear market. The year 2018 has offered a rather lengthy bearish market trend, yet the arbitrage opportunities have been rather appealing as well. The following six currencies can yield some healthy profits throughout the day, depending on exchange liquidity.
#6 Lisk (Poloniex / Livecoin / YoBit)
No one will be surprised to note YoBit remains an integral part of arbitrage opportunities these days. Every single day, this exchange has higher prices for some coins, whereas values for other currencies are lower compared to other platforms. In today’s case, the Lisk price on this exchange is 2-3% higher compared to both Poloniex and Livecoin.
Over 500 Million USDT Burned By Tether
The company behind the largest Stablecoin in existence, Tether recently revealed through Twitter that they redeemed over 500 million USDT tokens from the Tether treasury wallet. According to the press release published on October 24th this year, the company will leave the remaining 466 million USDT in the wallet to prepare for future USDT issuances.
According to Tether, the USDT tokens that are no longer here consisted of over 50% of their former supply. The redemption of the tokens can be seen on the OMNI blockchain Explorer, which confirms a transaction date of 500 million Tether in block 547,155. Tether mentioned on their press release that the company is following an issuance and redemption process which it states in its whitepaper.
Stablecoin Tether Burns 500 Million USDT From Its Treasury Wallet
Tether, the company behind the world’s largest stablecoin, USDT, announced on Wednesday that it has destroyed 500 million USDT from its treasury wallet. Tether has just destroyed 500M USDt from the Tether treasury wallet with the following tx: https://t.co/HTG52LaRVh For more information see the announcement here: https://t.co/McLTCGzmJi — Tether (@Tether_to) October 24, 2018 The token burn comes […]
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Newsflash: Tether Destroys 500 Million USDT
Tether Limited, the issuer of the USD-pegged USDT cryptocurrency, has destroyed 500 million units of the embattled stablecoin. Blockchain data reveals that earlier today, the firm transferred 500 million USDT from the token’s treasury address to this address, which the firm’s website indicates is the official USDT issuing address. Immediately following that transaction’s confirmation, the
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Tether Market Cap Sinks to $2.2 Billion as another 250 Million USDT Exits Circulation
The loss of its U.S. dollar peg isn’t the only thing driving down the market cap of tether (USDT), the cryptocurrency market’s largest “stablecoin.” Tether Falls Below Dollar Parity The USD-backed token, which as recently as late August had a circulating valuation of nearly $ 2.9 billion, is now worth just $ 2.2 billion, representing a two-month
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Bitfinex Publishes Fiat Deposit Update Amid Tether (USDT) Sell-Off
Hong Kong-based crypto exchange Bitfinex has published an update regarding its temporary pause on fiat deposits that was implemented last week, clarifying that all withdrawals are currency functioning without interference. The report came early this morning, shortly after Bitcoin (BTC) began trading at as much as a 10% premium and investors started to dump their Tether (USDT) […]
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Bitcoin Price Intraday Analysis: BTC/USD Goes Haywire as USDT Declines
Bitcoin on Monday pursued a fake upside action across several exchanges, mainly BitFinex, after stablecoin Tether (USDT) started falling. The BTC/USD responded to the upside action witnessed in the BTC/USDT market. USDT traders started exiting their positions amidst growing concerns about BitFinex’s insolvency and its impact on the coin’s liquidity. The more traders swapped USDT
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USDT Price Volatility Continues Despite Binance Debunking Delisting Rumors
No one will deny Tether’s USDT stablecoin is a bit controversial. That image has only been reinforced today, as the currency proves to be anything but stable in value. A current market dip pushes the below per USDT below the $ 0.96 mark. A very odd situation for a currency allegedly pegged to the value of 1 US Dollar.
Tether (USDT) Decouples From U.S. Dollar, Driving Bitcoin Higher
The price of the world’s leading stablecoin, Tether (USDT), which is designed to be pegged 1:1 to a cash reserve of U.S. dollars, has dropped to below $ 0.95. This unprecedented market action has likely shaken investors that currently rely on the stablecoin as a relative digital asset safe haven, driving the conversion back to Bitcoin (BTC). […]
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Report: Tether (USDT) Is Still the King of Stablecoins
Despite the explosion of stablecoins launching in 2018, Tether (USDT) continues to dominate as Tether accounts for 98% of the total daily trading volume of all stablecoins, as well as 60% of Bitcoin’s daily trading volume. This data comes from a recent report by Blockchain, a leading European cryptocurrency wallet provider, that reviewed the 57 active stablecoins, […]
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Study Finds “No Evidence” of USDT Price Manipulation
A study examining the widely suspected correlation between Tether issuance and BTC price movement, undertaken by Wang Chun Wei and published by the University of Queensland, has found that USDT grants do not have a “statistically significant” effect on price fluctuations. Despite refuting the correlation between price fluctuations and Tether grants, the study notes a “positive relationship” between USDT issuance and “increased crypto-trading the following day.”
Also Read: China During Crypto Ban: One Woman Tries to Live on Bitcoin
Exchanges Round-Up: Goldman Considers Crypto Custody, SA Exchange Launches USDT
In recent news pertaining to cryptocurrency exchanges, it has been reported that Goldman Sachs is considering exploring custody and other services pertaining to cryptocurrencies; a South African exchange has introduced Tether pairings in the hopes of driving down the local premium on crypto prices through offering arbitrage opportunities to foreign traders; and Blockex has announced that Sublime Group has started operating as a market maker on its exchange.
Also Read: Philippines Building Crypto Valley of Asia