Bank statements reviewed by Bloomberg News suggest fears that the dollar-pegged digital coin, issued by Tether Ltd. (USDT), wasn’t actually backed by billions in real cash, may be unfounded.
According to the latest report by research firm Diar, four major stablecoins – USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) – have breached the $5Bn mark in on-chain transactions within the three-month period.
The price of the Tether stable coin (USDT) pegged to the US dollar has tanked to an 18-month low on Monday, October 15, pushing the premium of Bitcoin and other cryptocurrencies on Bitfinex and a number of other exchanges.
Oleksandr Ivanov (aka cryptofan) is a crypto analyst, data scientist, and PhD candidate at University of Groningen. In his short research he applies the critical analysis of recent accusations that Tether supply has been manipulated in order to use pump-and-dump scheme on the price of Bitcoin.
The past week or so has been quite remarkable considering significant price differences at various bitcoin exchanges. It is most noticeable in case of Bitfinex, where Bitcoin is still trading at significant premium. At times, the spread reached $110.
Quite often, our understanding of a cryptocurrency is limited by what we found out about it in media or on forums.