Tether Says Customers Can Once Again Deposit and Redeem Fiat

Tether Ltd., the controversial issuer of the tether stablecoin (USDT), which aims for parity with the U.S. dollar, announced Tuesday that it would reopen account verification for new customers and enable customers to redeem tether for fiat currency directly through its platform. “Tether is able to return to its original vision of having a wallet for creating and redeeming directly on its own platform without having to rely on a third party,” the company said in a post on its website. “This update allows the immediate withdrawal of Tether to…

Deltec Chairman Says Tether Letter on Bank Relationship Is ‘Authentic’

The chairman of Deltec Bank & Trust says a widely scrutinized letter about stablecoin issuer Tether’s  account at the Bahamas-based institution is “authentic.” The letter, which Tether published Nov. 1, stated – albeit with a prominent disclaimer – that the company held an account at the bank, and that the account’s balance as of Oct. 31 was over $1.8 billion, enough to back all the USDT tokens in circulation 1-for-1. However, as CoinDesk and Bloomberg reported, Deltec would not initially confirm the relationship with Tether. As she had in previous…

Dash Surges 13% as Tether Boosts Volume, Payment Service Launched

Twitter Facebook LinkedIn Dash on Sunday surged as much as 13 percent against the US Dollar as supposed stablecoin tether (USDT) lost over 4 percent of its value. The DASH/USD pair closed yesterday at 155.90-fiat while continuing to its slow upside momentum. Today’s Asian session witnessed the pair erasing its recent gains and forming intraday lows towards 152.78-fiat. The green candles began appearing after that, constructing a smooth uptrend in which traders entered longs on higher high formations. It went on until the DASH/USD pair established an intraday high at…

USD-Pegged Cryptocurrency Tether [Briefly] Returns to Dollar Parity

Tether (USDT), the USD-pegged cryptocurrency that spent nearly half of October trading below $1.00, finally returned to dollar parity on Monday, though it remains to be seen whether it will stay there amid mounting competition from heavyweight competitors. Tether [Briefly] Returns to Dollar Parity The controversial stablecoin, which is supposedly backed by physical USD at a 1:1 ratio, briefly touched the $1.00 mark this morning, putting a temporary end to the USDT/USD discount that originated at the beginning of October. Source: CoinMarketCap Initially, that discount represented just a fraction of…

CoinMarketCap Excludes Some Tether Data After Clarification by Bitfinex

CoinMarketCap, the most-visited aggregator of cryptocurrency market data, has changed the way it uses data from the Bitfinex exchange in response to a report by CoinDesk. On Tuesday, CoinDesk pointed out that a trading pair shown on CoinMarketCap – seemingly, for trades between the tether stablecoin (USDT) and U.S. dollars – did not, in fact, represent a pair that’s available for trading on Bitfinex. From looking at CoinMarketCap data, the ostensible pair appeared to be the second-highest by 24-hour volume on the exchange at the time the article was written.…

Tether Market Cap Now Sub-$2 Billion as Coinbase Joins Stablecoin Sprint

Tether (USDT), the controversial USD-backed cryptocurrency that has long been the most popular “stablecoin,” continues to shed market share in the wake of its descent below dollar parity. Tether Market Cap Drops to January Low The tether token, which as recently as Oct. 9 had a market cap of $2.8 billion, now has a total valuation of less than $2 billion, representing an intramonth decline of approximately 29 percent. The last time USDT had a market cap below $2 billion was in January when the token eclipsed that threshold for…

Bitfinex Took 630 Million Tether Out of Circulation After Drop Below $1

Bitfinex is sending massive quantities of tether tokens back to the vaults. The cryptocurrency exchange has overlapping management and owners with Tether Ltd., the company that issues a dollar-linked cryptocurrency of the same name (often abbreviated USDT). Both firms have come under increasing scrutiny following USDT’s dramatic break with dollar parity last week, when the exchange rate briefly dropped as low as $0.85 on the Kraken exchange. It has yet to fully recover. It’s notable, then, that a wallet address controlled by Bitfinex has sent 630 million USDT to an…

Tether Price Creeps Back to 99 Cents But Fails to Reach Dollar Parity

The tether price (USDT) is once again trading near $0.98 after failing to crack through the $1.00 threshold, prolonging the USD-pegged cryptocurrency’s departure from dollar parity. The USDT token had on Friday briefly surpassed a global average of $0.99, its highest mark since plunging below $1.00 on Oct. 15. Unable to sustain that recovery, the tether price dipped back to an average of $0.979 on early Saturday morning before recovering to a present value of $0.984. Source: CoinMarketCap On Kraken, which allows customers to trade tether directly against physical USD,…

Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars

Tether (USDT) tokens are flooding into a wallet address controlled by the Kraken exchange, one of the few places where the troubled stablecoin can be converted into U.S. dollars. The exchange’s wallet balance stands at nearly 47.8 million USDT at the time of writing, making it the eighth-most valuable wallet holding this asset, according to the Tether Rich List. Contrast that to the situation less than two weeks ago, on Oct. 7, when Kraken’s tether wallet ranked much lower – 22nd place – and held less than half its current balance:…

Tether Has Yanked $610 Million out of Circulation this Month

Tether Limited, issuer of the dollar-pegged cryptocurrency tether (USDT), has yanked nearly a quarter of the controversial stablecoin’s market cap out of circulation since the beginning of October. On Wednesday, cryptocurrency exchange Bitfinex sent another 50 million USDT to the Tether Treasury, marking the sixth time this month that the company — which shares a management team with Tether — pulled USDT out of circulation by depositing them into the treasury address. Tether has not issued any new tokens in October, and the last time that new tokens entered circulation was…