Tether (USDT) Price Holds True to $1 Peg as Other Stablecoin Projects Gain Steam
In mid-October, Tether (USDT) had fallen as low as $0.85 on the Kraken exchange. The most popular stablecoin seems to have made its full recovery now. Although their circulation has fallen substantially mostly because of losing market share to the newer stablecoins.
Tether recently announced their partnership with Bahama based Deltech Bank.
We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited https://t.co/LSn64soUsC . Balance confirmation at 2018-10-31 attached.
— Tether (@Tether_to) November 1, 2018
In the post confirming the widely circulated rumors of the ties, Tether said:
“We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited.”
The post introduces a link and an image of the new bank account, which confirms their balance of $1,831,322,828 in USD at the close of business on October 31st. Nevertheless, the unusual part about this letter is that there’s no name of someone to hold accountable, and the signature illegible, at best. Still, the letter noted that it was provided without obligation and that it is only based on the information that the entity has access to.
We are still yet to get evidence the confirms the deal from the bank. As recently as October 18th, Deltec Bank had refused to confirm their relationship with Tether, going as far as to say that
“Due to governing legislation and our own privacy policies, we cannot comment on whether any entity is or is not a client of the Bank.”
However, coincidentally or not, the prices of Tether has stabilized to its designated value of 1:1 following the announcement.
Tether has seen a lot of competitors rise up when their prices had fallen. Circle backed USD Coin is the fastest growing amongst the lost. Other big names include Gemini Coin and Paxos.
At the time of publishing, Tether is being traded at $0.99 with a daily trading volume of $2.45 billion.