01-03-2022, 11:20 PM
Good news! The market dominance of Tether is in free-fall.
<!-- SC_OFF --><div class="md"><p>I don't think I need to explain all over again why Tether (USDT) is the shittiest of all stablecoins. It's not backed-up by cash or cash equivalent, it operates as a unregulated money printing machine and the company behind it <a href="https://tokenist.com/tether-didnt-even-show-up-to-cryptos-biggest-regulatory-hearing-yet/">hasn't even answered to basic questions</a> from the US Congress, which sounds shady as fuck.</p> <p>But here's a good news : <strong>Tether dominance in the stablecoins market is free-falling</strong>!</p> <p>Exactly a year ago, Tether amounted to about 75% of this market. This ratio has now fallen below 50%, and <a href="https://www.coingecko.com/en/categories/stablecoins">currently sits around 48.69%</a>. That means that more and more people are using more solid stables, such as USDC, Dai or UST, to buy or sell tokens. </p> <p>Why is this important for the ecosystem? Because if Tether maintains a high dominance and crashes, as it will inevitably do, most trading pairs will become illiquid, and that would create a panic and a "bank run" from investors trying to cash out their USDT. This scenario wouldn't be possible with more solid stables, because they have an actual working mechanism for those who want to redeem their deposits.</p> <p>Let's make 2022 the year we finally leave Tether behind!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/busterrulezzz"> /u/busterrulezzz </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rv3u6b/good_news_the_market_dominance_of_tether_is_in/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rv3u6b/good_news_the_market_dominance_of_tether_is_in/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I don't think I need to explain all over again why Tether (USDT) is the shittiest of all stablecoins. It's not backed-up by cash or cash equivalent, it operates as a unregulated money printing machine and the company behind it <a href="https://tokenist.com/tether-didnt-even-show-up-to-cryptos-biggest-regulatory-hearing-yet/">hasn't even answered to basic questions</a> from the US Congress, which sounds shady as fuck.</p> <p>But here's a good news : <strong>Tether dominance in the stablecoins market is free-falling</strong>!</p> <p>Exactly a year ago, Tether amounted to about 75% of this market. This ratio has now fallen below 50%, and <a href="https://www.coingecko.com/en/categories/stablecoins">currently sits around 48.69%</a>. That means that more and more people are using more solid stables, such as USDC, Dai or UST, to buy or sell tokens. </p> <p>Why is this important for the ecosystem? Because if Tether maintains a high dominance and crashes, as it will inevitably do, most trading pairs will become illiquid, and that would create a panic and a "bank run" from investors trying to cash out their USDT. This scenario wouldn't be possible with more solid stables, because they have an actual working mechanism for those who want to redeem their deposits.</p> <p>Let's make 2022 the year we finally leave Tether behind!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/busterrulezzz"> /u/busterrulezzz </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rv3u6b/good_news_the_market_dominance_of_tether_is_in/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rv3u6b/good_news_the_market_dominance_of_tether_is_in/">[comments]</a></span>Kind Regards R