• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, October 2, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

What does the January 15 deadline hold for Tether, the world’s biggest stablecoin

14 January 2021
in Regulation
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Tomorrow is an important date for the issuers of Tether, a USD-pegged stablecoin. But what does it mean?

Tether, the crypto heartbeat

Tether Limited, the company behind the widely-used Tether (USDT) stablecoin, will submit several documents explaining its legality to the New York Prosecutor’s Office tomorrow, Jan. 15, before the deadline expires.

Related articles

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

29 July 2023
Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

1 July 2023

It is believed to contain information about Tether’s business practices, its issuance, its supposed one-to-one peg with the US dollar, and other information regarding Tether Limited. 

[crypto-donation-box]

Stablecoins are one of the biggest use-cases of cryptocurrencies. They are usually pegged on a 1:1 basis with a fiat currency (or algorithmically controlled) and are said to be backed by a certain amount of reserve at all times.

Many crypto supporters are quick to criticize the Federal Reserve for printing trillions of dollars.

But stay silent when it comes to Tether doing the exact same thing to Bitcoin.

I love #Bitcoin, but this is not sustainable. Wake up people. pic.twitter.com/k8d0sD7XHm

— CryptoWhale 🐳 (@CryptoWhale) January 8, 2021

USDT is among the first such stablecoins and the most widely used one. It was founded in 2014 as “realcoin”) by Reeve Collins, Brock Pierce, and Craig Sellers, before rebranding to its current form and stating that “every Tether+ token is backed 100% by its original currency, and can be redeemed at any time with no exposure to exchange risk.”

However, for a few years, several critics have questioned the reserve of Tether, given the company has not yet provided a verifiable audit of its dollar reserves or allowed a third-party auditor to reveal their findings to the public. This has resulted in people questioning the very existence of Tether.

But how does it matter? It’s because USDT’s issuance has reached over $23 billion in recent times, and with daily volumes exceeding even Bitcoin’s, some crypto users are ringing the alarm bells.

That said, however, the January 15 deadline is only the delivery of the required documentation to New York courts. No judgment or judicial charges are expected or levied tomorrow, meaning any fear in the market is likely a result of overreaction.

The controversial rise of USDT

Tether’s problems started after the Panama Leaks papers linked the executives of Bitfinex, Philip Potter and Giancarlo Devasini, to Tether Limited in 2015. This caused controversy at the time.

The second controversy came after USDT supply grew from $10 million to over $2.8 billion from January 2017 to September 2018. The rise was questioned by many, and by mid-2018, Tether accounted for over 80% of the overall Bitcoin volume.

Cryptohopper
ADVERTISEMENT

Research suggested that an alleged price manipulation scheme involving tether accounted for about half of the price increase in Bitcoin in late 2017. However, that has not unfazed its backers yet. 

Not many understand how much Paolo and Bitfinex contribute to the Bitcoin ecosystem. If they did, they’d also send support and dispel the FUD too! Unus sed leo.

— Samson Mow (@Excellion) January 14, 2021

What 2021 holds for USDT is a guess at best. But crypto fanatics are likely praying the critics don’t turn out right.

Like what you see? Subscribe for daily updates.





Source link

Tags: biggestDeadlineholdJanuaryStablecoinTetherworlds
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB – Cointelegraph

Next Post

Sci-Hub Leaves Handshake Blockchain After Just 2 Days

Related Posts

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

29 July 2023
0

In a move to address growing concerns over money laundering and terrorist financing associated with cryptocurrencies, the Presidency of Peru...

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

1 July 2023
0

The European Union (EU) is making significant progress in the reform of its banking regulations, with a particular focus on...

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

26 January 2023
0

In the past year, bitcoin’s price has declined by about 60% from its all-time high. This has diminished the excitement...

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

20 January 2023
0

For the first time, we’re seeing an individual U.S. state (in this case, New Jersey) pursue NFT-specific regulation in what...

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

12 December 2022
0

Cardano founder Charles Hoskinson has made an explosive claim about the legal dispute between Ripple Labs and the U.S. Securities...

Load More
Next Post

Sci-Hub Leaves Handshake Blockchain After Just 2 Days

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Chainlink Unveils ‘Data Streams’ to Reduce Latency, Expands Decentralized Computing
  • Altcoins With The Most Potential Stellar (XLM), Solana (SOL) and Shiba Budz (BUDZ)
  • $ROE is set for 200% growth

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$28,297.004.27%
  • ethereumEthereum(ETH)$1,704.891.34%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$217.681.03%
  • rippleXRP(XRP)$0.520.49%
  • usd-coinUSDC(USDC)$1.00-0.13%
  • staked-etherLido Staked Ether(STETH)$1,707.131.44%
  • solanaSolana(SOL)$24.184.71%
  • cardanoCardano(ADA)$0.2657442.31%
  • dogecoinDogecoin(DOGE)$0.0630250.85%
  • tronTRON(TRX)$0.088760-0.03%
  • ToncoinToncoin(TON)$2.03-1.74%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.200.19%
  • matic-networkPolygon(MATIC)$0.560.93%
  • litecoinLitecoin(LTC)$67.170.53%
  • bitcoin-cashBitcoin Cash(BCH)$252.417.04%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,263.003.99%
  • shiba-inuShiba Inu(SHIB)$0.0000070.44%
  • chainlinkChainlink(LINK)$7.71-3.82%
  • daiDai(DAI)$1.00-0.16%
  • true-usdTrueUSD(TUSD)$1.000.05%
  • uniswapUniswap(UNI)$4.55-0.09%
  • leo-tokenLEO Token(LEO)$3.67-0.10%
  • avalanche-2Avalanche(AVAX)$9.57-0.24%
  • stellarStellar(XLM)$0.1133480.38%
  • moneroMonero(XMR)$147.530.22%
  • okbOKB(OKB)$43.30-0.22%
  • ethereum-classicEthereum Classic(ETC)$16.580.90%
  • binance-usdBUSD(BUSD)$1.00-0.07%
  • cosmosCosmos Hub(ATOM)$7.360.65%
  • hedera-hashgraphHedera(HBAR)$0.0509761.02%
  • filecoinFilecoin(FIL)$3.390.64%
  • lido-daoLido DAO(LDO)$1.63-2.23%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • internet-computerInternet Computer(ICP)$3.19-1.54%
  • MantleMantle(MNT)$0.4166854.86%
  • crypto-com-chainCronos(CRO)$0.0513850.50%
  • makerMaker(MKR)$1,479.57-3.79%
  • AptosAptos(APT)$5.54-0.35%
  • quant-networkQuant(QNT)$89.81-0.16%
  • vechainVeChain(VET)$0.0173730.53%
  • ArbitrumArbitrum(ARB)$0.961.92%
  • optimismOptimism(OP)$1.443.91%
  • nearNEAR Protocol(NEAR)$1.14-0.40%
  • KaspaKaspa(KAS)$0.050570-0.78%
  • aaveAave(AAVE)$69.330.46%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,859.011.93%
  • BSCEXBSCEX(BSCX)$237.190.34%