USDT is still the stablecoin of choice for most crypto traders. USDT is still widely used despite criticism that Tether is not fully backed by fiat currencies and banking issues with iFinex.
(Source: Pixabay )
USDT market share leads
More and more stablecoins are pouring into the market, but the market share of USDT remains above 97%. However, it turns out that USDT is being used as a fiat currency outlet and supply is decreasing.
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The expected USDT crash did not occur. Instead, it controls the supply of cryptocurrencies. In a panic in October 2018, USDT plummeted to $ 0.85. However, it was still used afterwards.
In 2019, Tether will increase its supply from about 2 billion to more than 4.108 billion. In addition, USDT transfers are switched from Omni to Ethernet . USDT is transferred in the form of ERC-20 tokens, which is cheaper and easier to transfer to more exchanges.
At the same time, another significant change for USDT in 2019 is that it will no longer focus on a few markets, but will expand the front to more coin markets , which will help arbitrage and flow into the leading competitive coin market.
USDT has withstood the doubts of skeptics, managed to survive, and also increased the liquidity of the crypto market. However, Tether is threatened by the US dollar futures market, but so far, most of BTC's transactions have been conducted in the spot market. With OKEx launching USDT futures contracts, USDT has also stepped into the futures field.
Increase the number of docking exchanges and switch to new blockchains
Moving to a new blockchain (like Tron) also means that USDT can be circulated in a larger market. According to data shared by InfoSec manager Mike McCarthy on November 26, 18.7% of USDT is now on the Tron blockchain, which is equivalent to $ 875 million. Some OmniT and Ethernet USDT transfers to Tron, and the former cut even more.
(Twitter @Mike McCarthy )
The main advantage of Tether is that it is used more and more widely. Recently, even NiceHash has adopted USDT in internal transactions. USDT is now available in all markets. However, USDT still associates its activities with the market trend of Bitcoin: the stable supply of USDT has caused the currency price to fall or sideways; the USDT movement has caused a large-scale decline; and the USDT supply growth has caused the currency price to rise. (Below: green, blue, and red represent the USDT total supply increase, stability, and decline, respectively)
(Twitter @ BTC ETH END GAMER )
At present, Tether faces two class-action lawsuits alleging that it manipulates the market, but Tether has denied these allegations and reiterated that the market's demand for USDT is healthy. It is reported that China is a large demand country for USDT because stablecoins can serve as forecasting tools without restriction or censorship.