RATE Group | What is tether? Controversial cryptocurrency causes chaos for bitcoin price
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What is tether? Controversial cryptocurrency causes chaos for bitcoin price

16 Oct What is tether? Controversial cryptocurrency causes chaos for bitcoin price

Posted at 08:21h in Cryptocurrency News by

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In 2014, a group of developers launched a cryptocurrency with the ambitious aim of solving the problem of price volatility. Tether was the first so-called ‘stablecoin’, with the idea being that each token issued would be backed by one US dollar.

For a while it seemed to work. Major cryptocurrency exchanges like Bitfinex adopted tether as a medium of exchange for traders to buy bitcoin, ethereum and other digital currencies, while banks in Taiwan used it to process international transactions. 

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