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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

The End of Tether? Why A Structural Shift In The Market Spells Trouble For USDT

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Tether

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Tether (USDT) is the largest stablecoin in the market, with a market capitalization of over $86 billion as of May 2023. Despite the concerns about the current state of the cryptocurrency market, Tether has continued to dominate the stablecoin space, with its supply growing significantly since the beginning of 2023. However, there are signs that new competitors may challenge its dominance in the future.

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USDT’s Reign Over?

According to the researcher and founder of DeFiance Capital, ArthurOx, one factor that may limit Tether’s growth is the emergence of new stablecoins. As investors become more concerned about the risks associated with Tether, they are likely to seek alternatives that offer greater transparency and accountability. 

For example, USDC (USD Coin) is a stablecoin fully backed by US dollars held in reserve by regulated financial institutions, and its supply has been growing rapidly in recent years.

Another factor that may limit Tether’s growth is the emergence of decentralized stablecoins. These stablecoins are built on blockchain platforms, offering a decentralized alternative to centralized stablecoins like Tether. 

Decentralized stablecoins eliminate the need for a central authority to manage the reserves, as the reserves are held in smart contracts on the blockchain. This offers high transparency and security and eliminates the risk of a central authority mismanaging the reserves or engaging in fraudulent activities.

One example of a decentralized stablecoin is DAI, built on the Ethereum blockchain. DAI is backed by a basket of cryptocurrencies held in smart contracts on the blockchain. This ensures that the value of DAI remains stable while offering high transparency and security.

In addition to these factors, there are also regulatory risks associated with Tether. The stablecoin has come under scrutiny from regulators in the US and other countries, with some calling for greater transparency and oversight. If regulators impose stricter regulations on Tether, this could limit its growth and open up opportunities for other stablecoins to gain market share.

Tether And USDC Show Resilience Amid US Debt Ceiling Drama

According to a recent report by Kaiko, USDT and USDC have shown little volatility amid the ongoing drama surrounding the US debt ceiling. Despite concerns over a potential US default, USDT and USDC saw little to no price movement over the past two weeks. This suggests that the markets did not view default as the base case scenario and that investors remained confident in the stability of these stablecoins.

Tether
USDT and USDC price fluctuations. Source: Kaiko

Interestingly, USDT and USDC have increasingly been trading in tandem during periods of market stress. For example, when Binance temporarily halted withdrawals for Bitcoin (BTC) earlier this month due to network congestion issues, both stablecoins rose above $1, as seen in the chart above. This suggests that USDC may have gained some safe-haven appeal as U.S. banking troubles eased.

The resilience of USDT and USDC during the debt ceiling drama reflects a wider trend in the cryptocurrency market, where stablecoins have become an increasingly popular way for investors to hedge against volatility.

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These developments underscore the growing importance of stablecoins in the cryptocurrency ecosystem. As more investors seek to hedge against market volatility and regulatory uncertainty, the demand for stablecoins will likely grow. Moreover, the emergence of new decentralized finance (DeFi) applications that require stablecoins as a means of exchange and collateral is also fueling demand.

Tether
BTC’s uptrend on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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