Tether’s Market Cap Has Dropped by More than $1 Billion in October
发布时间：2018-11-01 15:56:53 发布人：TokenString
Tether (USDT), the embattled cryptocurrency token whose value is
purportedly backed by US dollars, continues to see massive outflows as
it struggles to maintain USD parity amid rising competition from other
stablecoins launched by some of the crypto industry’s biggest names.
Blockchain data from Omni Explorer shows that yesterday, on Oct. 30,
Tether Limited redeemed another 100 million units of USDT, reducing the
outstanding supply to about 1.8 billion.
Source: Omni Explorer
Since the beginning of October, Tether has redeemed a staggering 990
million tokens, more than double the 452 million that were in
circulation on this date last year. Coupled with the fact that the USDT
price is currently trading at a discount to its supposed $1.00
valuation, tether’s market cap has dropped by more than $1 billion this
month and more than 37 percent from its all-time high.
Source: CoinMarketCap
On Wednesday, tether, long the eighth-largest cryptocurrency by
market cap, slid behind cardano (ADA) to ninth, weighed down by its
price once again dropping below $0.99 after briefly touching $1.00 earlier in the week. USDT now maintains less than a $100 million edge on 10th-ranked monero (XMR).
Source: CoinMarketCap
Curiously, Kraken’s USDT/USD market, which allows traders to exchange
tokens fiat USD, is actually, as of the time of writing, trading at a
slight premium to tether’s global average price. The trading pair, which
has $15 million in volume over the past 24 hours, had in recent days
consistently priced USDT several percentage points below its global
average.
USDT/USD | Kraken | Source: TradingView
Meanwhile, tether’s competitors — particularly TrueUSD (TUSD), USD Coin (USDC), and Paxos Standard (PAX) — continue to see rapid growth in the wake of USDT’s lost dollar
peg. Collectively, the market caps of these three stablecoins now exceed
$400 million, and while that does not completely account for the nearly
$1 billion in tether outflows, it does suggest that traders view these
“regulated” tokens as more trustworthy than USDT, whose issuer has been
criticized for its opaque operations, banking relationships, and
association with cryptocurrency exchange Bitfinex.
Tether (USDT), the embattled cryptocurrency token whose value is purportedly backed by US dollars, continues to see massive outflows as it struggles to maintain USD parity amid rising competition from other stablecoins launched by some of the crypto industry’s biggest names.
Blockchain data from Omni Explorer shows that yesterday, on Oct. 30, Tether Limited redeemed another 100 million units of USDT, reducing the outstanding supply to about 1.8 billion.
Source: Omni Explorer
Since the beginning of October, Tether has redeemed a staggering 990 million tokens, more than double the 452 million that were in circulation on this date last year. Coupled with the fact that the USDT price is currently trading at a discount to its supposed $1.00 valuation, tether’s market cap has dropped by more than $1 billion this month and more than 37 percent from its all-time high.
Source: CoinMarketCap
On Wednesday, tether, long the eighth-largest cryptocurrency by market cap, slid behind cardano (ADA) to ninth, weighed down by its price once again dropping below $0.99 after briefly touching $1.00 earlier in the week. USDT now maintains less than a $100 million edge on 10th-ranked monero (XMR).
Source: CoinMarketCap
Curiously, Kraken’s USDT/USD market, which allows traders to exchange tokens fiat USD, is actually, as of the time of writing, trading at a slight premium to tether’s global average price. The trading pair, which has $15 million in volume over the past 24 hours, had in recent days consistently priced USDT several percentage points below its global average.
USDT/USD | Kraken | Source: TradingView
Meanwhile, tether’s competitors — particularly TrueUSD (TUSD), USD Coin (USDC), and Paxos Standard (PAX) — continue to see rapid growth in the wake of USDT’s lost dollar peg. Collectively, the market caps of these three stablecoins now exceed $400 million, and while that does not completely account for the nearly $1 billion in tether outflows, it does suggest that traders view these “regulated” tokens as more trustworthy than USDT, whose issuer has been criticized for its opaque operations, banking relationships, and association with cryptocurrency exchange Bitfinex.
