You are probably seeing more and more news about stablecoins and cryptocurrency expert analysis about Tether (USDT) on our DC Forecasts crypto news site – which are quite a topic lately.
In the latest news, one of the top-20 exchanges and a major giant came up with a decision to replace Tether (USDT) which is known as the “most popular stablecoin” and is designed to maintain a steady exchange rate with the US dollar.
However, Digifinex is apparently replacing Tether and adding a rival named TrueUSD. The exchange’s potential is massive as it handled $131 million in trading volume over the past 24 hours, according to CoinMarketCap.
The co-founder of Digifinex, Kiana Shek, officially stated that she has been “looking for ways to get rid of USDT” for months, noting that she doest not believe in Tether and “had no choice but to list it.”
Shek also stated:
“Through my research, due diligence, and my communications with the TrustToken team, I have come to appreciate their commitment to industry-leading best practices.”
She also mentioned the team’s compliance with the US Financial Crime Enforcement Network (FinCEN) and its regulations and independent verification by an outside auditing firm. Meanwhile, the controversial stablecoin Tether (USDT) did not give a comment by press time – and the company is in the spotlight lately because of user claims that it doesn’t hold enough dollar reserves to fully back all the USDT in circulation.
What’s certain is that there is some growing competition in the dollar-pegged stablecoin market, especially with the recent approval of two stablecoins, one of which owned by the Winklevoss twins.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post