Why USDT Is Plunging While Other Stablecoins Are Not

Stablecoin adoption has grown immensely, observed especially following the collapse of Terra. USDC and USDT have seen sizeable growth, but USDT has a lot of keeping up to do with its value plunging as of press time.

Timeline of Tether

In a recent development, it was observed that despite the volatility faced by the market, the total trading volume of stablecoins set a new record in 2022, reaching 7.4 trillion U.S. dollars. Even though the overall stablecoin space witnessed growth, the same couldn't be said for USDT.

In 2019, Tether (USDT) had a global stablecoin dominance of 89%, but it has since fallen to just under 50%, according to on-chain data provided by Glassnode — analyzed by CryptoSlate. The post Analysis of on-chain stablecoin data reveals decline in USDT dominance appeared first on CryptoSlate.

Tether Holdings Plc, the company that issues the most valuable stablecoin in the world, USDT, recently made public its intentions to eliminate all secured loans from its reserves beginning immediately and continuing until 2023.

Deposits and withdrawals of USDT among gambling websites through crypto payment platforms are on the rise, according to a report from Wu Blockchain, authored by Bitrace. The post Gambling-related USDT funds grow as 1k new online gambling websites use Tether appeared first on CryptoSlate.

Tether (USDT) said it would remove its secured loans in its reserves by 2023, according to a December 13 blog post. The post Tether to reduce secured loans to zero by 2023 appeared first on CryptoSlate.

With mounting concerns over Tether's growing number of secured loans and it being a reason for the stablecoin issuer's eventual demise, Tether came out with an official announcement later today, that the firm is planning to minimize the amount of secured loans in its reserves to zero, by the year 2023. Tether's 2023 Goal According The post Will This Move By Tether Finally Put All FUDs To Rest?

Stablecoin operator Tether intends to reduce secured loans in its reserves to zero in 2023.  The post Tether vows to remove secured loans amid rush to show solvency appeared first on The Block.

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