According to the Tether (USDT) pacific clock, at around 11:20 pm, the cryptocurrency entered the market with new tokens worth $ 250 million.
Though this was just a last-minute news, the introduction of large quantities of Tether into the market was a matter of debate among many people and the community on the market.
This recent share of Tether caused the market leaders such as Bitcoin and Ethereum to recover above 1% in the minute following the Tether transaction. Bitcoin earned over $ 150 after 20 minutes with Tether’s move. Ethereum was worth more than 20 dollars at the same time.
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Some people see that Tether is manipulatin the prices of cryptocurrencies by this way.
In addition, many people say that the legality of funds that support Tether tokens must be questioned. There are a few things that these people are right about. Tether is very slow to produce the right documentation for its owners. Earlier this year, the Tether foundation left the finance inspector out of work for reasons still unknown. This also raised more suspicion in the cryptocurrency market.
Tether now offers over $ 2.5 billion in funding by adding $ 250 million token. It’s pretty crazy to see $ 2.5 billion supporting this tackle. The community insecurity in this specific commitment will continue till Tether indicates that they have the amount of money in their bank accounts.
Is Tether (USDT) Loosing in the Market?
Competition may begin to change for the Tether, as Tether is now in full force to tackle the monopoly on fixed cryptocurrency.
Recent news shows that other companies in the market, such as Circle, TrueUSD and Basis , are starting to develop their own fixed cryptocurrency.
Newly built projects like TrueUSD have proven to users that they are good alternatives for Tether. But the price of TrueUSD’s on Binance list was too much for the price of the money’s liquid. The prices have reached $ 1.30 in Binance. Binance had to quickly reverse TrueUSD’s list before announcing that they would delay the trading day to May 22nd .
The project is still maintaining its stability through the known regulatory harmonization of TrueUSD. Unlike Tether, TrueUSD can actually be demanded for US dollars with a smart contract system. The latter may increase the validity of the money and the project on this count.
Circle , backed by Goldman Sachs , on the other hand, is another cryptocurrency which is fixed in US dollars. Circle plans to create a transparent, efficient and virtual dollar using blockchain to simplify operations.
Circle CEO Jeremy Allaire ;
“It unlocks an i ncredible amount of power for the dollar. It’s basically a dollar that operates on blockchain.”
Unlike Tether, Circle customers will have to keep the money to produce the same amount of this new fixed cryptocurrency. It is clear that Circle starts with a very similar cryptocurrency but has a higher level of transparency and regulatory compliance.
As it is seen Tether is going to lose market dominance quick, as the number of fixed crypto coins that will be made available to consumers is increasing day by day.
