Altcoins News
By Dan Saada
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A lot of big news gets expected from USDT. Tether is already one of the largest entities in the cryptocurrency space.
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In the beginning, it took some time for Tether to have cryptocurrency exchanges understand the value proposition of having USDT as a replacement for USD.
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It was in 2017 that Tether got adopted on a larger scale. During 2017, all the USDT that got created got listed with Tether Trading Pairs; this led to increased demand for…
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Crypto's Black Thursday and Friday was the point of growth - the big boom for Tether. It all started on March 12, 2020, and March 13, 2020.
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When the market crashed, people were looking for arbitrage opportunities, and they were able to see that in USDT.
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When the markets crashed, those who had dollars were suffering. It was not easy for them to move their money across.
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Bitcoin is very popular, and OTC desks depend on USDT for trades because, when BTC was on the cheap side, those who had USDT could buy it.
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“Buy BTC cheap using USDT, arbitrage it and then sell Bitcoin at higher prices” became a trend.
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When the markets crashed, the spreads in different crypto exchanges were as high as $2,000 during the Black Thursday and Friday times.
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When there were changes in the monetary policies in the United States and Europe, several institutions were able to recognize Bitcoin as a hedge.
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Major institutions approached the cryptocurrency exchanges to buy several hundred million dollars worth in BTC.
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Tether provided for quick liquid utility. Now, Tether has a market cap that they never imagined to have.
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Stuart stated: “Tethers are 100 percent backed, full-stop.”
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