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Over 500 Million USDT Burned By Tether

The company behind the largest Stablecoin in existence, Tether recently revealed through Twitter that they redeemed over 500 million USDT tokens from the Tether treasury wallet. According to the press release published on October 24th this year, the company will leave the remaining 466 million USDT in the wallet to prepare for future USDT issuances. According to Tether, the USDT tokens that are no longer here consisted of over 50% of their former supply. The redemption of the tokens can be seen on the OMNI blockchain Explorer, which confirms a transaction date of 500 million Tether in block 547,155. Tether...

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Binance Coin (BNB) Might Take Tether (USDT)’s Spot

Chart for BNB/BTC (1D) Binance Coin (BNB) has attained a unique reputation as a Tether styled coin that continues to remain stable even as the market bleeds. This behavior on behalf of Binance Coin (BNB) was also observed during the past few minor corrections. The coin is down only 33% since its all time high, compared to 70% for Bitcoin (BTC) and 85% for Ripple (XRP). This shows that smart money believes in the long term prospects of the crypto markets, now more than ever. With the lack of confidence in Tether (USDT), Binance Coin (BNB) is all set to...

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Goldman Sachs-Backed Circle Launches Stablecoin USDC

Boston-based Circle introduced on Wednesday tokenized U.S. dollars over public blockchains called USD//Coin or USDC. The move to introduce yet another stablecoin in the market is done in partnership with CENTRE open source consortium. The ERC-20 token will be audited monthly by Grant Thornton. Circle.com is becoming a powerhouse in the cryptocurrency industry with impressive investors that include Goldman Sachs, Beijing-based Bitmain and other Chinese investors such as IDG Capital and CreditEase, among others. But unlike other blockchain ventures, the company has former members of Goldman Sachs and other Wall Street institutions on its team. Circle raised $100 million in...

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Evidence That Tether Is Manipulating Bitcoin Is Nonexistent

It’s become a bit of a hot topic within the crypto-debate. Research carried out during the middle of 2018 suggested that movements of Tether (USDT) could have been disturbing Bitcoin and thus, could have been manipulating the price of Bitcoin. This came as research found a correlation between significant changes in the price of Bitcoin and significant movements of USDT tokens. What is Tether? As a quick reminder, according to the Tether website: “Tether Platform currencies are 100% backed by actual fiat currency assets in our reserve account. Tethers are redeemable and exchangeable pursuant to Tether Limited’s terms of service....

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Why Tether Probably Isn’t Manipulating The Price Of BTC

Over the past few months, the movement of Tether tokens (USDT) has been accused of being able to manipulate the price of Bitcoin. It’s a complicated concept, but many believe that using Tether to back FIAT currencies is having an impact on the price of Bitcoin. This is alleged to be happening in waves, as those that maintain Tether produce new tokens in order to keep up with the flow of it’s FIAT connections. This idea materialised a couple of months ago, when a research paper from the University of Texas was published which refers to the timings of Tether...

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