Tether fears have subsided following a Coinbase Pro exchange listing announcement in the United States. The most popular stablecoin has a total of $50 billion in locked up value.
The listing allays months of now subsiding legal uncertainty around its parent company Bitfinex – one of the leading exchanges in the crypto market.
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Tether isn’t going anywhere
On February 23, the New York State Attorney General (NYAG) settled with Tether and Bitfinex after a two-year-long probe into the company’s operations. The exchange agreed to disclose the backing of their USDT reserves, submit to quarterly reports and pay an $18 million penalty while admitting no wrong doing.
Since then uncertainty about USD Tether has all but dissappeared, and trust in the exchange and stablecoin has returned. The listing from Coinbase Pro yesterday further serves to bolster investor confidence.
“As the most liquid, stable, and trusted stablecoin, Tether is playing a key role in the emerging digital token ecosystem. Traders and developers like using Tether. Coinbase’s endorsement means an important new bridge for mainstream adoption of cryptocurrency has been built.“
However, USDT will not yet be available for regular Coinbase.com users. Another announcement will be made when USDT will be available for this demographic.
The USDT market cap stands at $50 billion at the time of writing. It is the 5th largest ‘cryptocurrency’ by marketcap.
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