Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?
Research and analysis reveal that Tether could be the world’s most used cryptocurrency for months now because its daily and monthly trading volumes surpass those of Bitcoin by far.
Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Source: CoinSpeaker

Coinbase Commerce Enables USD Coin Payments

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Coinbase Commerce Enables USD Coin Payments
Coinbase now enables merchants to accept USD Coin on Coinbase Commerce just like they accept cash in-store. All you need is to sign up. For existing users, no action is required.
Coinbase Commerce Enables USD Coin Payments

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Source: CoinSpeaker

Coinbase Adds Fast and Free Cross-Border Payments for XRP and USDC

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Coinbase Adds Fast and Free Cross-Border Payments for XRP and USDC
Coinbase has announced expansion into cross-border payments. Now, its customers are able to transfer their funds to any user with a Coinbase account around the world using XRP or USDC, without any fee.
Coinbase Adds Fast and Free Cross-Border Payments for XRP and USDC

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Source: CoinSpeaker

Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Source: CoinSpeaker

Coinbase Announces Rollout in Six New European Markets

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Coinbase Announces Rollout in Six New European Markets

Coinbase said Thursday it had expanded its product to several European countries and overseas territories, including Lithuania, Iceland, Andorra, Gibraltar, Guernsey and the Isle of Man.

Coinbase Announces Rollout in Six New European Markets

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Source: CoinSpeaker

Stablecoin Supremacy Battle Heats Up; Binance Lists USDC, Tether Below a Buck

Once up a time there was crypto and fiat. If you wanted to trade in altcoins you had to first buy Bitcoin. Tether changed all that when it came onto the scene on Bitfinex in 2015, today there are a slew of stablecoins all competing for supremacy.
USDC Listed on Binance
The controversy surrounding Tether coupled with its recent volatility has led to the birth of several similar dollar pegged stablecoins. Once has been created by Coinbase and partners at Circle, USD Coin. On Thursday USDC was granted a new realm of legitimacy when Binance, the world’s top crypto exchange by trade volume, announced that it would be listing new pairs.
According to the announcement Binance will be offering two new USDC pairs for Bitcoin and its own Binance Coin (BNB) as of November 17. To quash the auditing concerns that plagued Tether, the exchange added;
“Additionally, for increased transparency, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued.”
USD Coin is only a few months old but it is growing in power as an alternative to USDT. It still has a way to go though, with daily volume, according to Coinmarketcap, at $16 million, compared to $4.7 billion in Tether trade. However, with USDC available on Coinbase and now Binance, its usage is expected to grow rapidly especially when more trading pairs are introduced.
According to the company blog “Circle and Coinbase co-founded the CENTRE Consortium with the goal of establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”
If complete transparency and audits are forthcoming it may not be long before USDC surpasses USDT however the centralization issue raises its head again when one company is holding all of the cards. This is especially true if Tether continues to show volatility and inability to maintain its dollar peg.
Tether in Turmoil
During the recent crypto rout Tether fell to $0.964 whereas USDC actually hit a peak of $1.06. The Gemini Exchange’s GUSD spiked at $1.18 according to CMC. At the time of writing USDC is still trading over a dollar and USDT is under it. Fortune has noted that if Tether collapses “it could deliver a shock to the crypto markets that makes this week’s wipeout look like a hiccup.”
The good news is that there are now several alternatives to Tether in addition to USD Coin, such as TrueUSD (TUSD), Gemini’s own GUSD, Maker DAO’s Dai, and the Paxos Standard Dollar (PAX). So traders are no longer tethered to Tether, go ahead and take your pick, some are even offering more than buck right now.
 
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Report: Unrest Over Tether Instability Causing Outflow into Bitcoin

As fear, uncertainty, and doubt (FUD) surrounding leading stablecoin cryptocurrency Tether mounts, capital has begun to flow out of Tether and into Bitcoin and other competiting stablecoins, according to a new report.
Diar: Trading Flows from Tether to Bitcoin Due to Continued FUD
Cryptocurrency market research firm Diar has, in their latest research report, put a spotlight on the ongoing issues surrounding Tether and the implications Tether FUD has had on the overall cryptocurrency market.
Tether has been embroiled in controversy for practically its entire existence. The cryptocurrency community continually calls into question if Tether is backed by corresponding U.S. dollar as claimed. The stablecoin has also been accused of being used as a tool to prop up the market and artificially inflate cryptocurrency prices toward new all-time highs. And despite third-party audits and repeatedly refuting any allegations that arise, the cryptocurrency market refuses to give concerns around Tether a rest.
Now, according to Diar’s report, the fear and uncertainty has begun to more strongly influence the market, causing Tether holders seeking safe haven during an ongoing 10-month-long bear market to liquidate their Tether into other cryptocurrencies, primarily Bitcoin and competing stabelcoins.
Diar’s data on trading volumes tied to Tether, Bitcoin, and Ethereum pairs, show a clear trend that interest in Tether is declining while outflow into Bitcoin and other cryptocurrencies continues to grow. Both Binance and OKEx – the number one and number two cryptocurrency exchanges by trading (adjusted) volume respectively – were reviewed as part of the study.

Clarifying Confusion over Tether-Fueled Price Premiums
The report also clarifies confusion surrounding the continued price premium Bitcoin enjoys depending on which exchange you look.
For example, popular margin-trading exchange Bitfinex currently shows a price of $6,581 for Bitcoin, meanwhile, Coinbase Pro, among the most popular U.S.-based exchanges, is trading at $6,423 – representing an over $150 discrepancy. After an initial exodus from Tether, the price premium reached over $1,000.
Diar says that the “risk premium” created by the Tether controversy is actually due to the value of Tether declining, causing Bitcoin to appear more valuable as a trading pair against Tether. Tether, which is supposed to remain stable at $1, is currently trading a couple cents short of a dollar, and fell to lows of $0.96 on October 15 as Tether holders fled the safety net the stablecoin once provided.

“The value of Bitcoin in actual Dollar terms hasn’t changed – it’s only changed against another cryptocurrency whose perceived value of $1 has dropped,” the report explains.

Competitor Stablecoin Options Are Taking Tether’s Market Share
Much to the relief of cryptocurrency investors who are still unconvinced the downtrend cryptocurrencies like Bitcoin are experiencing has come to an end, additional stablecoin options have surfaced from a number of competent cryptocurrency firms, including the Circle, Gemini, and Coinbase.
This morning, the Winklevoss-owned Gemini exchange sent an email to its customers celebrating the company’s Gemini Dollar stablecoin had been listed on 25 different exchanges. Earlier this month, crypto startup Paxos announced that the Paxos Standard, yet another stablecoin, had been included on over 20 different “top crypto exchanges and OTC desks.” And yesterday, Coinbase joined Circle to become founding members of the CENTRE consortium responsible for the dollar-pegged USD Coin – which Coinbase will soon be listing.
As Tether FUD continues to thrive, the larger the opportunity becomes for competitor stablecoins to snatch up invaluable market share from the current king of stablecoins, and for cryptocurrencies like Bitcoin to finally make a longer-term price recovery.
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Coinbase to List Competitor-Backed Stablecoin Amidst Growing Interest

Coinbase will reportedly list a stablecoin initially backed by one of its closest competitors after joining the consortium behind the USD-pegged cryptocurrency.
Coinbase Joins CENTRE Consortium, Will List USD Coin
San Francisco-based cryptocurrency exchange Coinbase recently listed decentralized exchange protocol utility token 0x (ZRX) to the list of cryptocurrencies it offers to consumers for trading. This follows a new policy update that was put in place, eventually leading to “thousands” of cryptocurrency tokens being offered by Coinbase.
The firm also teased that it was exploring Stellar, privacy-focused Zcash, Cardano, and the Brendan Eich-developed Basic Attention Token (BAT) as the next tokens that may be added to Coinbase’s offering. However, a stablecoin – USD Coin – could be the next token to be added to Coinbase according to a new announcement from the company.
Coinbase will be joining the CENTRE as a “founding member” – the consortium behind USD Coin (USDC) that includes the Goldman Sachs-backed, Boston-based Circle. CENTRE’s official website has already been updated to include a number of Coinbase mentions.
CENTRE is the consortium behind the recently launched, open source, smart contract-based USD Coin – an ERC20 “stablecoin” backed one-to-one by a corresponding U.S. dollar, just like competitor Tether claims to be. By joining CENTRE, Coinbase is also joining forces with competitor Circle, who originally launched USD Coin on its Circle Trade and Circle Poloniex platforms.
Interest in Stablecoins Heats up as Tether’s Stronghold Diminishes
Stablecoins are currently the talk of the cryptocurrency community.
The controversy surrounding current reigning champion of stablecoin market share, Tether, has recently come to a head after rumors circulated surrounding the company’s solvency, and continued fear that Tether tokens aren’t properly backed by a corresponding U.S. dollar in Tether’s reserves.
Despite a third-party audit, a mass exodus from Tether occurred two weeks ago. This saw investors rapidly liquidating their Tether holdings into Bitcoin, causing a price discrepancy between exchanges like Binance that use Tether as a base trading pair against Bitcoin and those that use fiat trading pairs like Coinbase. The premium spiked to nearly $1,000 at one point.
The timing of the unrest and fear couldn’t have been worse for Tether’s market share, as a slew of new stablecoins have been launched in recent weeks. In addition to CENTRE’s USD Coin, crypto startup Paxos released the Paxos Standard and the Winklevoss-owned Gemini launched the Gemini Dollar. Once investors began dumping Tether, driving the once stable price of $1 to as low as $0.92, exchanges began listing the new stablecoins en masse.
Now, with Coinbase – arguably the biggest name in the cryptocurrency space and among the highest valued startups – joining CENTRE alongside Circle, the battle for the top stablecoin will only continue from here.
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