Tether is still the world’s best-selling digital asset, holding more than 33% of all exchanges, based on CoinMarketCap data. USDT activity remains strong even at a time when Bitcoin is breathing, and is hovering below the $ 9,500 range.
The USDT asset is once again gaining speed on the Ethereum network. In August, Ethereum-based USDT activity peaked above that of Omni-based USDT. The Tether smart contract still uses 20% of all gas on the Ethereum network, up from a peak above 35%. But network loads may increase in the future, making USDT a permanent factor for Ethereum computing resources.
USDT behavior has been closely watched, as correlations have been found between rising USDT supply and BTC price peaks. Currently, USDT supply is flat, at 4.043 billion coins. But active printing in April and May coincided with the revival of the BTC rally, pricing up to $ 13,800.
As the stagnation of the USDT printing stalled, so did BTC prices. In the past, Tether has reduced liquidity by turning $ 1.3 billion into Treasury, leading the BTC to sink significantly to about $ 3,200.
At this point, it is not known what Tether, Inc.’s decision on the USDT supply would be. Information from Chinese traders suggests that there is demand for USDT in specialized OTC markets. Moreover, Tether has shown a willingness to launch a yuan-based stablecoin to directly address Chinese digital asset demand.
Tether, Inc., along with iFinex, is still under investigation by the New York Attorney General. However, the investigation was limited to the activity of companies in New York State and will not address the principles of printing new USDTs as well as supporting currencies. Tether, Inc. still holds a large-scale loan to Bitfinex, of which the exchange has claimed to cover $ 100m./Cryptovest.com