Tether Perpetual Contracts Now Available On KuMEX And ByBit

Tether perpetual contracts were launched on Bybit and KuMEX officially as we are reading more in the tether news below.

The blockchain-enabled platform Tether, that uses the largest stabelcoin by market cap USDT, is now available in futures contracts on ByBit which is a derivatives exchange but also on KuMEX which is also a derivatives trading platform derived from the KuCoin crypto exchange. The launch of the Tether perpetual contracts on both of the platform only shows the growing popularity of USDT as the most trusted and liquid stablecoin. The USDT stablecoin and perpetual contracts will allow the traders to hedge their positions by holding both short and long positions at the same time. This will provide the traders with a lot more flexibility and they will easily manage their portfolios. The CTO of Tether Paolo Ardoino stated:

 “I’m delighted to see that Tether USDT is once again the trusted choice of the growing derivatives industry. Bitfinex, OKEx, and other major exchanges have already launched derivatives products that use Tether USDT for collateral and settlements. We see more exchanges are following month after month.”

The total market capitalization of USDT has almost tripled from the $2 billion in 2019 and is now at $6.2 billion. Tether cooperates with Ethereum, EOS, Algorand, Omni, Tron and Liquid Network. The goal is to support and empower the ventures and innovations in the blockchain industry. Also as per the recent Tether news, ByBit launches two-way margin trading and as they said, using a stablecoin also removes the volatility brought by non-pegged cryptocurrencies. With this, the USDT perpetual contracts attempt to replicate the underlying spot markets using increased leverage.

With Bitcoin and other major cryptocurrencies getting rid of about 50 percent of their prices, Tether’s circulating supply increased and proved once again to be the only safe haven asset during the Thursday market crash. The investors started converting some of their risky assets into cash. The market capitalization of some of the other fiat pegged stablecoins also increased. The USDC which is the closest rival to Tether increased its circulating supply by more than 30 percent from the start of March.