Today, we are going to look at the latest news on Tether and Coinbase.
Tether Gets Back to Ground
A chart pictured how two supposed stablecoins are trading against one another: tether (USDT) and trueusd (TUSD).
Blockmodo revealed based on Monday’s shenanigans that tether slipped to around $0.88 on some exchanges; the token later regained some grounds and now stands at $0.95.
The data is distorted, even though tether is valued at a flat $1 US. Coinmarketcap and other related sites that usually record tether’s ‘apparently’ perfect dollar parity, give the feeling that USDT’s overall average is higher than the actual value.
1 TUSD was trading for 1.06 USDT on Binance at the time of writing. Even though Binance offers a variety of stablecoins, its investment in tether is quite considerable. Binance holdings are worth about $850 million, this is to say that it owns more USDT than even Tether itself.
Tether came out fighting on Monday with the chief compliance officer Leonardo Real, and insisted that: “Although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by US dollars (USD) and that assets have always exceeded liabilities.”
The fourth largest exchange has introduced, following the lead of Okex, a few new stablecoins to relieve traders’ concerns. On October 19, TUSD, USDC, GUSD, and PAX will all be listed.
Coinbase Does Dublin
Coinbase, the serpentine exchange, that has branches across continents and crypto sectors, has revealed that: “Coinbase is expanding its European presence by opening a new office in Dublin.”
They added, “We look forward to tapping into the city’s diverse talent pool and contributing to its burgeoning crypto economy.”
Coinbase failed to mention the important role that would have played Ireland’s well-known low corporate taxes in sealing the deal. Coinbase, the California-based firm, now joins the current 700 other US companies that have chosen Dublin as the seat of their European operations.