Cryptocurrencies: 2788 / Markets: 19401 Market Cap: 24h Vol:
2 months ago

Popular Stablecoin, Tether to Launch on its 'fifth' Blockchain

Tether with ticker symbol USDT is no doubt a very popular and sometimes controversial stablecoin. The cryptocurrency with tokens has been issued by Tether Limited since its whitepaper was published online on January 2012. 

Recently on its website, the announcement was made that the company avail the USD stablecoin option on omni, ethereum, tron, EOS and, soon, algorand- the fifth blockchain.

“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration. … We are very excited about the potential this enables for other projects in the decentralized ecosystem and we eagerly await working closely with many of them in the future,” said Tether CTO Paolo Ardoino.

Tether is a (mostly) U.S. dollar-backed tokens issuer and is widely used by traders to move money in and out of cryptocurrencies like bitcoin without needing to exchange back into dollars with each trade. Tokens are also used to transfer funds between Crypto exchanges reducing the need to move large amounts of money that are not allowed in banks.

The stablecoin has had its issues from their claim that the token is backed by USD, to The Bitfinex exchange missing funds ($850 million) that was reportedly covered up with Tether's funds and even their alleged role in manipulating the price of bitcoin with Bitfinex. Tether also never provided full accounting audit to prove the claims on its coin, that has been a long a concern to users and regulators. The issuing company's lawyer recently confirmed that, USDT was in fact only about 74 percent backed by fiat equivalents as of April 30. has never released a is backed by USD, as it claimed for years. Crypto exchange Bitfinex which is Tether’s sister firm, has also come under the spotlight owing to the connection of the two.

Most recently, was the report of an accidental minting of $5 billion USDT during a chain swap process last weekend. Despite Tehter's widespread use in the crypto markets it still has all these surrounding issues amongst others.

READ MORE

A concise expose on Trend Trading in the Crypto Space

An ‘Official Crypto’ assigned for the Miami Dolphins in Partnership with Litecoin

Facebook's Libra - how Beneficial is it?

Gemini Exchange May Get on board Facebook’s Libra Project

Steemit throws shade at facebook calling themselves 'the only REAL social blockchain'

Crypto Ponzi Scheme Upsets Investors Saying, It Has ‘No Cash to Pay out’

Cryptocurrency exchanges- Meaning, Functions and Security issues

How do people benefit from Trading Bitcoins?

A joint call by U.S. Lawmakers to halt Facebook’s Libra Project

What are the Top 20 Cryptocurrencies and What makes them stand out?

 

Credits - Daniel Palmer

Anita O.

Lover of tech and blockchain.

Get Crypto Newsletter