RATE Group | Cryptocurrency News Today – Headlines for April 1
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Cryptocurrency News Today – Headlines for April 1

26 Apr Cryptocurrency News Today – Headlines for April 1

Posted at 22:13h in Cryptocurrency News by

  • Crypto executive explains the issue with Tether
  • Tether’s USDT stablecoin volume has risen remarkably
  • Over-the-counter traders have helped push Tether’s volume

Cryptocurrency News Today – despite a recent strong downturn for cryptos, which included Bitcoin’s 50% decline on March 12, the sum of Tether’s USDT stablecoin (volume) in existence has since exploded. The report says the market cap of the asset has now surpassed $6 billion.

This means a total of $1 billion has added to this metric over the last two weeks. In a $200 billion industry, such inflows can be termed as dramatic. Besides, alternative stablecoins Paxos Dollar, USD Coin, and Binance USD pairs have posted dozens of millions. The question is what is driving the demand for stablecoins?

What Pushed Tether’s Market Cap Higher?

Sam Bankman-Fried, the CEO of FTX and Alameda, recently talked about Tether. Here are the factors he suggested:

  1. Over-the-counter traders (from Asia) are acquiring USDT. It is well known that…

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