Blockchain 

Tether Grows as Algorand Finally Adds USDT Tokens

The crypto sphere has developed at a remarkable rate over the course of the past half a decade, and one of the biggest developments has been the emergence of stablecoins like Tether (USDT). Despite skepticism from many in the crypto space, the stablecoin has continued to grow, and in a new development, it has been added by Algorand. Major Details This is a significant development for USDT, but it remains to be seen whether there is any rally in the stablecoin in the coming days. Algorand is one of the…

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Blockchain 

Tether Launches New Gold-Backed Stablecoin on TRON

Tether has launched a new stablecoin backed by physical gold reserves called Tether Gold (XAU₮), according to a press release published on January 23. One coin will be equal to one troy fine ounce of physical gold, currently worth approximately US$1,550. Tether Gold is available as a TRC20 token on the TRON blockchain as well as an ERC-20 token on the Ethereum blockchain. As per the press release, the funds are said to be “safely held in a Switzerland vault;” however, the institution holding the reserves remains unclear, but Tether…

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Cryptocurrency 

Tether and Bitfinex Unopposed to Lawsuit Consolidation

Three plaintiffs who have been involved in three separate lawsuits against Tether and its sister company Bitfinex have moved to consolidate their cases into one class-action suit. Court filings by David Leibowitz et al., Eric Young et al., and Bryan Faubus et al., accuse Tether and Bitfinex of creating “the largest bubble in human history” after they allegedly manipulated the crypto market out of up to US$1.4 trillion. All three cases were brought against the companies off the back of longstanding claims that Tether essentially printed billions of dollars worth…

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Blockchain 

Bitfinex and Tether Lawsuit Revised After Plaintiffs Drop Action

Controversial cryptocurrency exchange Bitfinex and its sister stablecoin issuer Tether have had a lawsuit against them withdrawn by two plaintiffs and re-filed with the addition of a new plaintiff. The two companies were accused of creating “the largest bubble in human history” in a lawsuit filed in New York in October, which alleged that Bitfinex and Tether manipulated the crypto market out of up to US$1.4 trillion. A second, similar case was then brought against the two companies by Eric Young and Adam Kutz, who claimed that Bitfinex and Tether…

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Bitcoin 

Tether (USDT) Dominance Persists Amidst Mainstream Adoption

Tether (USDT) popularity in the cryptocurrency space is unmatched. Immediate data indicates it is the most widely used stablecoin by virtue of trading volume. In November, for instance, USDT accounted for as much as 79% of Bitcoin trading between fiat or stablecoins. Likewise, a total of 9.69 million Bitcoins were exchanged in favor of the Tether stablecoin. Popularity The popularity stems from the fact that Tether is one of the most stable cryptocurrencies, given that it is pegged to the US dollar. USDT popularity and trading volume are expected to…

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Ethereum 

Bitfinex and Tether Hit With Another Market Manipulation Suit

Bitfinex and its sister stablecoin issuer Tether have been handed another lawsuit alleging both firms manipulated the crypto market, following a similar such suit last month in New York, which claimed the companies created “the largest bubble in human history.” The second suit has been filed by Eric Young and Adam Kurtz at the district court in the Western District of Washington on November 22 and draws heavily from the previous lawsuit. In an extensive list of claims, Young and Kurtz say that Bitfinex and Tether “monopolized and conspired to…

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Blockchain 

Tether to Launch Gold-Backed Stablecoin

Over the course of the past few years, stablecoins have become one of the most important constituents of the crypto ecosystem, and Tether is certainly the most well-known. The stablecoin is backed by several fiat currencies, and over the years, it has worked as an excellent substitute for fiat currencies for crypto traders. Key Points to Watch In a new development, it has now emerged that Tether is all set to launch a new cryptocurrency that is going to be backed by gold. The cryptocurrency in question is “Tether Gold,”…

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Blockchain 

Tether Fires Back At “Flawed” Study, Says Coin is Backed By USD Again

Tether has responded to what it describes as a “flawed” paper written by academics from the University of Texas and Ohio State University, which claimed that a single address on the Bitfinex exchange was responsible for manipulating the surge in Bitcoin value in 2017. Tether Claims Study Was Lacking in Data Professor John Griffin and Amin Shams analyzed over 200 gigabits of data relating to the transaction history between Bitcoin and Tether and found that the surge in value in late 2017 was attributable to one large trader, or a whale…

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Blockchain 

Tether Accused of Major Market Manipulation in Trillion Dollar Lawsuit

Tether and its sister company Bitfinex have been accused of creating “the largest bubble in human history” in a lawsuit filed in New York this week. Tether Artificially Inflated Prices The class-action suit filed in the Southern District of New York alleges that the two companies, and a number of affiliated entities, manipulated the crypto market out of up to $1.4 trillion USD. The suit’s central allegations center around long-standing claims that Tether essentially printed billions of dollars worth of tokens to artificially inflate prices and convince the market that there…

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Blockchain 

Tether Becomes the Most Used Cryptocurrency in the World

Over the past few years, the fiat-backed stablecoin Tether has become the subject of fevered discussions among those in the crypto sphere as well as those outside of it. It is a crypto token that is used across a range of crypto exchanges in order to facilitate trading, and it goes without saying that the stablecoin has become extremely popular among plenty of crypto traders. Most Widely Used Cryptocurrency However, data from Coinwidely using cryptocurrency market cap has now shown that Tether is actually the most widely used cryptocurrency in…

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