For instance, even up to this moment, traders remain unsure whether they can redeem USDT at 1:1 ratio to the United States dollar, given the collapse of Tether's banking partner, Noble Bank. Tether at present has a cap of $2,216,432,235 and its 24 hrs trading volume is about $2,685,400,529. It is usually not possible to purchase alternative cryptocurrencies such as Tether directly using United States dollars.
Following the sharp drop in the price of USDT, many in the community believed it was the end of Tether, however, the price recovery has definitely refuted that claim, at least for now.
VeChain (VET) traded up 1.5% against the dollar and now trades at $0.0118 or 0.00000179 BTC.
The trading week kicked off with losses for both the US Dollar and US Stocks.
IOStoken (IOST) traded down 0.3% against the dollar and now trades at $0.0396 or 0.00000526 BTC.
In the case of Tether's USDT, its value has plummeted significantly, and it is now valued at $0.96.
It is therefore unsurprising that others are moving into the space to compete for that business - and perform the kind of service that Tether has always been synonymous with. It was created on 10th June, 2014.
We look at Bitcoin, and a variety of other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday. The core of the allegation is that Bitfinex issued Tether tokens without the USA dollars held in reserve that are meant to underpin the cryptocurrency, a claim strongly denied.
Just hours after Cermak had consulted with his insider sources regarding Tether, The Block also revealed that Bitfinex, which goes hand-in-hand with Tether (USDT), had also established a new banking relationship, but this time, with a Hong Kong-centric financial institution.
Perhaps in an effort to put the fears of investors to rest, in June, Tether released a transparency report written by Washington, DC-based law firm Freeh Sporkin & Sullivan LLP (FSS) as a way to prove that USDT was tied to the United States dollar and that the company did, in fact, possess reserves to back up its claims. Fidelity to offer crypto services Fidelity Investments said Monday it had launched a new company that will offer crypto trading and security offerings to clients. Bitfinex is one of the biggest exchanges with a lot of automated trades being made daily.