Why Was $5.5M In Tether Frozen This Year And What Does It Mean For Crypto?

Tether is about as controversial as it gets when it comes to the crypto space. But the negative stigma over the last year has begun to shed. But there are a few facts about the stablecoin that many crypto investors may not know, and should take note of.

Expanding Use Case, Surging Demand Behind Rapid USDT Supply Growth

While Bitcoin is the undisputed king of cryptocurrencies, Tether is by far the most dominant stablecoin in the space. It now ranks only behind Bitcoin and Ethereum, overtaking Ripple’s XRP for the third spot. Making its way into the top three was cemented by its ever-growing market cap and supply. Almost as fast as the Fed has been printing new dollars, the stablecoin’s parent company has been flooding the market with new USDT. Tether’s supply is now topping $9 million and counting. Other stablecoins are also rapidly growing in supply due to the demand. Stablecoins initially were used primarily as a safe haven crypto asset during drawdowns to prevent capital loss. But as the market grows these coins are now used in DeFi, as a store of wealth, or to move a stable USD equivalent quickly and for a low cost. Read More...

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