The promise of Tether, the digital currency pegged 1:1 to the US dollar, was that it could provide the benefits of a cryptocurrency while providing a fiat -backed peg against price fluctuations. But the currency has fallen below the $1 in recent weeks, right as a range of competing currencies are becoming available to meet […]
View More As Tether flails, cryptocurrency exchanges launch rival stablecoinsCategory: tether
Sudden price drop shows largest ‘stablecoin,’ Tether, isn’t so stable after all
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I mean, it’s right there in the name.
The largest so-called stablecoin by market cap, Tether (USDT), is supposedly pegged to the U.S. dollar and always worth $1. However, if there’s one thing we know for sure about the world of cryptocurrency, it’s that things don’t always go according to plan — a fact emphasized by Tether’s sudden plunge in value over the last 24 hours.
The stablecoin briefly traded below $.87 on the exchange Bittrex before climbing back up to the still-abysmal price of $.915 at the time of this writing.
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The Winklevoss stablecoin is one small step toward crypto acceptance
A stablecoin is a cryptocurrency pegged 1-to-1 with another “stable” currency. In most cases, these coins are pegged to the US dollar and, as such, allow for true transfers of actual fiat currencies between parties using the blockchain. If you’re nodding off right now thinking about this, I would posit that these moves, however minor […]
View More The Winklevoss stablecoin is one small step toward crypto acceptanceTerra is an ambitious crypto project to build a stable coin through e-commerce
Four of the world’s largest crypto exchanges are leading a $32 million investment in an ambitious venture out of Korea that’s aiming to develop a new stable coin using e-commerce as the lynchpin. Global exchanges Binance Labs, OKEx, Huobi Capital, and Dunamu — the firm behind Korea’s Upbit — have all poured capital into Terra, a crypto […]
View More Terra is an ambitious crypto project to build a stable coin through e-commerceTether critic’s Twitter account suspended under questionable circumstances
Why release an audit of your so-called stablecoin when you can just shut down your loudest critic’s Twitter account?
The cryptocurrency world has been in a uproar with allegations that stablecoin Tether and exchange Bitfinex have artificially propped…
Tether and Bitfinex subpoenaed by the CFTC as Bitcoin drops below $10K
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The price of Bitcoin plummeted below $10,000 Tuesday morning as news broke that The U.S. Commodity Futures Trading Commission had subpoenaed Tether and Bitfinex, a so-called stablecoin cryptocurrency and one of the world’s largest cryptocurrency exchanges, respectively.
First reported by Bloomberg, news of last week’s subpoenas follows allegations from critics of Tether that the digital currency may not in fact be backed on a one-to-one basis with U.S. dollars as its founders claim.
“We routinely receive legal process from law enforcement agents and regulators conducting investigations,” Bitfinex and Tether said in a statement published by Bloomberg. “It is our policy not to comment on any such requests.” Read more…
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View More Tether and Bitfinex subpoenaed by the CFTC as Bitcoin drops below $10KA little-known token may be fueling Bitcoin’s rise. Critics say it’s a scam.
Bitcoin has been on a run. Despite its recent dip, the cryptocurrency has impressed skeptics and believers alike in its monumental rise in value since its creation nine years ago. But all that could be on the verge of change.
Because while the …
Tether, a startup that works with bitcoin exchanges, claims a hacker stole $31M
Bitcoin cruised past $8,000 for the first time this week, but it hasn’t been smooth sailing for all after Tether — a company that helps exchanges convert fiat currency to token — said today that a hacker snatched nearly $31 million. Tether operates USDT, a cryptocurrency asset that it backs via the U.S. dollar. The company said that $30,950,010-worth of USDT was taken… Read More