Tether's USDT stablecoin launching on Tezos

Tether announced today that it is launching its USDT stablecoin on the Tezos blockchain, days after it expanded to Polygon. The post Tether's USDT stablecoin launching on Tezos appeared first on The Block.

Timeline of Tether, Tezos

The cryptocurrency market is once again looking like a sea of red courtesy of the price swings within its narrow range. However, there are those that manage to stand out by moving contrary to the rest of the market and XTZ is one of them.

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Tezos price analysis for today shows XTZ prices have been on a roller coaster ride over the past few weeks, however, things seem to be stabilizing at around the $2.10 mark. This is good news for those who have been holding onto their XTZ tokens, as it means that they are not likely to see.

Over the last 24 hours, several cryptocurrencies have observed recovery, with Bitcoin itself trading 4% above its 5 June's closing price. Tezos is one token that has also made significant progress in correcting the losses that the token witnessed from the Terra crash of 9 May.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. Tezos has been bearish on higher timeframes, and the crypto asset has lost 60% of its value on the charts since the turn of the year.

Tezos price analysis indicates the prices are currently at a critical juncture and a breakout is imminent. Bulls are striving to keep prices afloat around $1.89 as a minor bullish trend takes shape.

The crypto space continues to sink deeper into the abyss, and now Tether – an alleged stable currency – is showing signs of falling victim to the heat in the crypto kitchen. Tether saw itself trading for less than $1 for the first time just a few weeks ago.

The team at Tether claims the Financial Times has a fixation with USDT and the company's execs. Additionally, the Tether team believes the Financial Times has been rehashing the same selective old news to target USDT and its leadership at the company.

Stablecoins were under pressure after the crash of UST algorithmic stablecoin in mid-May. Tether co-founder Reeve Collins on Thursday said the UST collapse could mean the end of most algorithmic stablecoins.

Tezos price analysis shows a bearish trend as the coin indicates has been consolidating below the $2. level over the past few days as the overall cryptocurrency market remains in a bearish state.