Topic: Tether's downfall is Bitcoin's saving grace (Read 112 times)
I doubt it will. OKex adding more similar coins is definitely helpful as It will keep making other exchanges add these coins as well probably which means less power for USDT. However, I don't believe that Tether will die, not as long as Bitfinex is backing it up at least.
Hong Kong-based cryptocurrency exchange OKEx has announced that it is adding four U.S. dollar-pegged cryptocurrencies to its platform for trading amid controversy over the most commonly used stablecoin tether (USDT).
https://www.coindesk.com/crypto-exchange-okex-lists-4-new-stablecoins/
"Confidence in the token – which is widely used by traders and exchanges to quickly move funds without the need to convert back into U.S. dollars – has been fading in recent months over the perception that USDT developer Tether LLC and its sister firm, crypto exchange Bitfinex are not transparent over the actual amount of USD being held to back the stablecoin.
Some exchanges have already moved to drop tether, and the recent launching of new alternatives may only increase that likelihood.
A major sell-off in tether early today saw the price of bitcoin surge to its highest level for a month as its premium on Bitfinex climbed to around $600 over the global average at one stage this morning."
Thoughts as to if this trend will continue?
https://www.coindesk.com/crypto-exchange-okex-lists-4-new-stablecoins/
"Confidence in the token – which is widely used by traders and exchanges to quickly move funds without the need to convert back into U.S. dollars – has been fading in recent months over the perception that USDT developer Tether LLC and its sister firm, crypto exchange Bitfinex are not transparent over the actual amount of USD being held to back the stablecoin.
Some exchanges have already moved to drop tether, and the recent launching of new alternatives may only increase that likelihood.
A major sell-off in tether early today saw the price of bitcoin surge to its highest level for a month as its premium on Bitfinex climbed to around $600 over the global average at one stage this morning."
Thoughts as to if this trend will continue?
Jump to: