Crypto’s Shadow Currency Tether Surges Past Deposits of Most US Banks

  • Tether parent is slated to submit a first quarterly statement in May
  • The token is the preferred coin on crypto-only exchanges
  • Tether’s Market Cap surges

Tether the rock bed of stability in a highly volatile world of cryptocurrency has reached $50 Billion in circulation. Interestingly it is more than the insured deposits at all but 44 of the thousands of U.S. banks. According to Bloomberg .com, it is an important milestone for a crypto coin that is widely used as a method of payment in the crypto ecosystem. Even more important is that its private parent company has been scrutinized by regulatory authorities to check its enormous reserves that back the token.

Bloomberg.com also reports that Tether is all set to release its first quarterly statement on its deposits to the New York Attorney General this month. A long-standing feud with state regulators over whether it has the resources was settled, and the disclosure is part of the agreement. Bloomberg.com also qouted Stuart Hoegner, general counsel for the crypto exchange Bitfinex and Tether who said that first quarterly statement will be released to New York in May.

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The legal tussle has not dampened the Tether investors’ faith. The token’s popularity has grown to make it the most traded cryptocurrency globally, more significant than even the volume of market leader Bitcoin.

Nick Carter, the co-founder of researcher Coin Metrics, felt that most traders prefer a stablecoin like Tether to access crypto-only exchanges.

Tether’s Market Cap surges

Bloomberg.com quoting data tracker CryptoCompare reported that 66% of Bitcoin is bought using Tether. Tether use will probably increase since Coinbase Global Inc. plans to allow trading of the stablecoin on its Coinbase Pro platform.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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