Crypto betting platform Stake is tight-lipped about $41 million leak of funds
Date: 2023-09-05 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, BUSINESS
As Paolo Ardoino reported recently, Tether CTO has become one of the biggest buyers of US Treasury bills with an impressive $72.5 billion.
The issuer of the stablecoin USDT was in the top 22 of the world ranking thanks to this event. Countries leading the country in this indicator: "United Arab Emirates", Mexico, Australia and Spain.
As Paolo Ardoino says, the announcement highlights the growing importance of USDT for emerging markets “providing a lifeline for communities struggling with runaway inflation in their national currencies.” As China's influence on US Treasury debt declines, as if shifting focus away from gold (which is important to Wall Street Silver), Ardoino's claim is gaining weight.
This news follows the recent shake-up of the Tether market. Sowing on August 17, USDT Tether experienced a breakdown in its stability: its peg to $1 disappeared amid a downturn in the cryptocurrency market. It was about 100 billion dollars that was erased from the page of the exchanges ..
Despite all these ups and downs of instability, Tether is still the largest stablecoin by market capitalization and controls over 60% of the market. Despite the fact that the value of USDT was shaken during the struggle of the markets, it has regained its positions: the trading volume has exceeded $50 billion in the last 24 hours. this is six times more than its closest competitor, the United States dollar (USDA).
It is worth saying that crypto traders at the time of these market turmoil preferred other stablecoins in addition to USDT and DAI. According to the dashboard of 3Pool, Curve's largest liquidity pool, USDT accounted for almost 50% of the reserve, with DAI and LS accounting for the balance. This confirms the trend among traders who have sought shelter from market volatility and sold USDT for DAI or for the currency.
As the global economic landscape changes and the cryptocurrency market grows, the role of Tether in US Treasury bills is increasing. It also dominates stablecoins, painting a compelling picture of the growing role of digital currencies on the global stage.
