Tether (USDT), a fiat-backed cryptocurrency, has surpassed $ 50 billion in circulation, according to a Bloomberg report. That’s a sum that exceeds even insured deposits of thousands of US banks.
Even though the anonymous private company behind it has been subject to regulatory scrutiny due to its transparency where it holds the enormous amount of reserves that support the token, $ 50 billion stands out as a remarkable milestone for a token used as a broad payment method in the crypto ecosystem.
Tether to issue quarterly notification to the New York Attorney General on its reserves
Tether will give its first quarterly statement of its reserves to the New York Attorney General this month. The statement is part of the resolution of a longstanding dispute with state regulators over whether it really has reserves. The popularity of the token has even surpassed the volume of market leader Bitcoin, making it the most traded cryptocurrency in the world.
Approximately 66% of Bitcoin is bought using Tether
About 66% of Bitcoin was bought using Tether, according to data tracker CryptoCompare. And Tether’s usage will likely increase after Coinbase, the largest US crypto exchange, announced plans to allow stablecoin trading on the Coinbase Pro platform. According to Stuart Hoegner, general counsel for Bitfinex and Tether crypto exchange, the quarterly report will be delivered in New York this month.