Paolo Ardoino stated that the most interesting part of Tether growth is that some of it comes without marketing. He also pointed to how Tether is pure community and utility driven.
Some of the users opine that utility wise it is important to have a newly paved gas-free highway to move some of the new USDT quickly around on.
The very important and interesting part of Tether growth is that some of its growth comes without being backed by USD. There are those who feel that it is pure printing and the market is soon set to discover this.
The reality is that when the banks wouldn’t facilitate fiat accounts for crypto and could not facilitate instant transfers the market innovated. This product is known as tether. It seems like a lot of people, banks, government and other organization are very jealous of Tether’s success. However, it is not possible to have success without market demand.
Commenting on Tether, Sydney Ifergan, the crypto expert tweeted: “If Tether (USDT) falls, the whole market will go down with it is the belief of its hard core users. Wondering if it is?”
For those who are new to Tether or USDT, it was mainly created to bring in more stability to the cryptocurrency market. It is pegged to the US dollar, where one USDT represents one USD. The stablecoin is issued by Tether, the Hong Kong-Based company Tether, which claims to maintain reserves equal to the number of USDT in circulation.
Tether (USDT) Backing and Pumping
It is important to recollect that several scandalous legal disputes are happening between Tether, Bitfinex and US regulators. The consistent complaint is that Tether is not any longer backed by USD, but that they have silently changed the Peg. Tether now has baskets of assets like cash equivalents and several other kinds of assets like loans from Third parties.
Of note, Tether will consist of backing from almost anything ranging from USDT that is backed by dollars or any other kind of asset type. The claim to the kind of Tether and the peg factor that it originally announced simply does not exist.
However, there is no denying that Tether is becoming a digital version of fiat, where there is lot of printing happening without any clue as to the back up. Despite the negative market impression and criticism, the USDT market capitalization is consistently increasing. The daily trading volume is also at a staggering $1 trillion. A lot of pump is happening and will set to continue.
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