In an interview with CCN, Bitfinex CTO, Paolo Ardoini has stated that Tether is set to launch on the EOS blockchain as part of the team’s plan to supplement EOSfinex.
In September last year, Bitfinex announced EOSfinex, a decentralized cryptocurrency exchange built on the EOS protocol.
Ardoini told CCN:
“One of the main reasons is that we need it for EOSfinex. Since it is an on-chain exchange we need Tether EOS to offer EOS/USDT and crypto-to-stablecoin pairs on it. EOSFinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before EOSFinex launch.”
Because Tether is currently running on Omni, Ethereum and Tron, Ardoini states that cross-chain support will be key for the long-term success of Tether.
Furthermore, Ardoini states that the Bitfinex team is working with Blockstream to launch Tether on Liquid, and further plans of bringing the stablecoin to the Lightning Network by the end of this year.
“We can’t hide behind the fact that communities are split among multiple projects, so I believe is our duty to serve the blockchains that have the most active communities and clearly that can meet our security standards in terms of issuance,” Ardoini stated. “I’m working with Blockstream to launch Tether on Liquid and as Bitfinex we are collaborating with the RGB protocol community to bring assets to LN (and so I hope that Tether will launch on LN by end of 2019).”
Crypto Whale Alert: Tether Mints 300,000,000 USDT in Potential Binance Swap
Crypto whale watchers are tracking the creation and transfer of 300,000,000 Tether (USDT).
The big batch of USDT was minted on Thursday and quickly sent to the crypto exchange Binance.
Traders speculate that the transfer is part of Binance’s push to switch from using USDT tokens based on the Omni blockchain to USDT tokens built on the Ethereum blockchain.
Whale watchers carefully track the creation of new USDT because historically, when Tether mints new USDT, the price of Bitcoin often rises shortly thereafter.
Aside from the big USDT transfer, crypto whales have been relatively quiet in recent days.
On Tuesday, a whale moved nearly 20 million EOS worth $74.0 million off of the crypto exchange Huobi to an unknown wallet.
In addition, three large XRP transfers, all between unknown wallets, were spotted on Monday. The transfers moved a total of 200 million XRP worth $52.0 million.
- 100,000,000 XRP worth $25.9 million transferred from unknown wallet to unknown wallet
- 40,000,000 XRP worth $10.4 million transferred from unknown wallet to unknown wallet
- 60,000,000 XRP worth $15.7 million transferred from unknown wallet to unknown wallet
Tether announces $1 million donation to support recovery efforts in The Bahamas after Hurricane Dorian
Days after the Binance Charity Foundation announced a fundraising campaign for the Hurricane Dorian Relief Project, Tether has announced that it would joining the efforts towards restoring normalcy in the areas affected by tropical storm Dorian. According to reports, Hurricane Dorian has contributed to 44 fatalities, with the number expected to rise even more. In fact, the Bahamas Press has estimated the death toll to be over 3000 in the Abaco Islands alone. The media outlet went on to report on Twitter,
“Thousands buried under the debris of wood and metal on Abaco untouched since Hurricane Dorian landfall. On East End Grand Bahama entire communities and lives washed away.”
In a blog post released on 10 September, Tether announced that it would be donating $1 million on its behalf, while also setting up donation addresses. The blog post read,
“In the wake of Hurricane Dorian, one of the most powerful storms to hit land anywhere in the Atlantic, Tether has pledged its support to aid the recovery and reconstruction of The Bahamas. Tether will be donating $1 million to hurricane relief through Deltec Cares.”
Additionally, Tether listed two USDT addresses on its website as a means to collect donations. The blog post stated that these donations will either be transferred in USDT or in cash to Deltec Cares, a non-profit organization that supports relief efforts for people affected by the natural disaster in the Bahamas.
- USDT Omni Address: 12Rfdk9N2rNpQYqKzcALnZsoKjTG1if2V3
- USDT ERC-20 Address: 0x424993354510156DE7AB3C15aa5CbFE657e7aB78
Meanwhile, Binance for Hurricane Relief recorded a total of 17 donations. The fundraising campaign had raised 0.5622 BTC [$5768.91], by press time. The cryptocurrencies accepted for donations by the Binance Charity Foundation for this project are Binance Coin, Bitcoin and XRP.
Tether Announces Its Future Plans to Launch Two New Stablecoins for Users
Tether, the popular crypto-fiat hybrid stablecoin firm, is planning to come in the limelight of the financial sphere, with the launch of two new crypto assets.
According to the news, one coin of the controversial crypto firm will be secured with precious and lucrative commodities like gold and crude oil, while the other asset will be pegged to Renminbi, the official currency of the People’s Republic of China.
Zhao Dong, the Bitfinex shareholder, stated in an interaction that, its sister firm, Tether, is working religiously to come up with a trading option that would reduce the risk factor involved in the creation of stablecoins, that are solely secured in the ratio of 1:1 by fiat currency in the banks.
Mr. Dong also denied the reports which claimed that USDT is not fully secured by the US Dollar. Tether, gained a lot of negative popularity from the financial enthusiasts, when the rumors concerning its currency’s reserves, flooded the block.
Tether is fully backed by reserves, out of 4 billion existing USDT about 3.35 billion are now in securities, and 650 million are being lent to Bitfinex. Bitfinex has been raising 1 billion with its LEO token, IEO and could easily pay back Tether any time (as a matter of fact it already paid 100 million last month) … Even if you don’t calculate this 650 million as reserves, the total amount backed by USD is 83.75% (3,350/4000) and not 72% as fake news are reporting.
Tether launching the Renminbi-secured crypto coin gained a lot of attention from the people as it came just after the decision of China launching its digital asset in the market.
China’s cryptocurrency will be available for users and companies through a mobile wallet app. Also, it will allow the exchange of the digital coin for Chinese Yuan instantly.