DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
tether-catching-up-with-btc-and-eth-in-payments,-bloomberg-reports

Tether Catching Up With BTC and ETH in Payments, Bloomberg Reports

by Admin
October 25, 2019
in Other
283 9
0
Share on FacebookShare on Twitter

Stablecoin Tether (USDT) has gained popularity as a payment method, catching up with Bitcoin and Ether according to a Bloomberg report.

Stablecoin Tether (USDT) is gaining popularity as a payment method, with some analysts seeing it catching up with Bitcoin (BTC) and Ether (ETH).

As Bloomberg reported on Oct. 25, cryptocurrency payments processor CoinPayments registered the rapid increasing of popularity of Tether — a stablecoin pegged 1:1 to a United States dollar — as a means of payment. On the site, which has a 2.4 million user base, Tether currently accounts for 30% of volume, which is 30 times more than a year ago.

Tether undermines Ether’s leadership?

Bitcoin application as a means of payment has seen a nearly 60% drop in volume from 80% last year, according to CoinPayments, while Tether has pushed Ether out of second place. Users purportedly choose Tether due to the stablecoin’s capability to avoid price fluctuations. Sean Mackay, operations lead at CoinPayments.net, said:

“Merchants used to accept Bitcoin, Ethereum, Ripple and convert it into Tether in order to hedge against the volatility. Now we are seeing the payments just being done directly in Tether.”

Also, Tether has seen wider adoption among the types of merchants who have difficulty getting credit-card processing services or who are forced to pay high card processing fees.

Multimillion token mint and new offerings

In mid-September, Tether minted 300 million USDT as part of the swap from the Omni protocol to the Ethereum blockchain. However, no token burn on the Omni blockchain had taken place at the time. In July, Tether accidentally minted and subsequently burned 5 billion USDT tokens.

Also last month, Tether announced the launch of a new stablecoin tied to the offshore Chinese yuan dubbed CNHT. The new currency joins Tether’s other stablecoins backed by U.S. dollars (USDT) and euro (EURT).

As part of its further offerings expansion, Tether plans to release a version of the stablecoin backed by a basket of commodities such as gold, crude oil and rubber.

Tags: AdoptionCryptocurrency NewsPaymentsStablecoinTether

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version