Update on Tether (USDT)
Last week I wrote about Tether (USDT) asking, is a Tether implosion imminent?
According to reports USDT at one point got as low as $0.85 on Kraken.
As you can see from the second chart below, USDT has recovered to an extent but still isn’t trading at $1.
Let’s see what’s going on.
The drama started when Bitfinex suspended fiat deposits.
That led to worries about Tether’s banking relationships. Further, fiat withdrawals, while not suspended, had long delays. That had many worrying about USDT and if it could actually be redeemed.
Bitfinex and Tether have a murky relationship. From what I understand many of the executives are the same, yet they’re two different entities.
Over a week later many questions still remain. A report from Element Digital Asset Management stated Tether’s lack of transparency meant they couldn’t rule out the possibility that Tether doesn’t have sufficient funds backing it.
In response a lot of crypto exchanges are adding other stablecoin alternatives.
It’s really hard to tell what’s going on with USDT. I continue to avoid it.
and trade cryptos on Binance and Bibox...
And delegate SP with MinnowBooster
Tether is never be a profitable coin. I just ignored it. Bitcoin is the king, Litecoin, Etherium, Steem even doge is my favourite. Anyway thanks for the update.
Agreed, thanks!
Nice post! Yea I definitely think so. It's been a sham since Bitfinnex created it. Initially it seemed smart, but I'm worried. Honestly, I think SBD is a much safer hedge -- even though we saw an explosion in price that wasn't tied to $1 USD.
From what I read the SBD price exploded due to FOMO in Korea. It was a good opportunity to buy STEEM on the cheap... hope it happens again.
Too much smoke near tether, eventually a fire!
Whats the next biggest stable coin besides tether?
TUSD, GUSD
I like DAI too
I think Tether is earmarked to fail. Thankfully we have seen a number of other stable coins come to market which should insulate some the collapse of Tether in the future.
Can't argue with any of that ;-p
It was an honest mistake. Apologised for the inconvenient caused.
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