Tether draws a quarter of all USDT from circulation, Threatened with the change of power by other stable coins?


In the last few days, Bitfinex and the Tether Limited the focus was heavily on the Public. After both companies had lost a further Banking partners, could be customers of the exchange to make Bitfinex for a long time now, and no Fiat deposits. The rumors about the insolvency of Bitfinex were once again rolling. Thus the doubt as to the Stablecoin Tether and its coverage increased, due to the US Dollar.

Have now both Bitfinex, as well as Tether a new Bank found that the business conducts. As The Block is reportedto Bitfinex a Bank account with the Bank, Prosperity, Revenue Merchandising Limited in Hong Kong, with Citibank as the intermediary Bank for wire Transfers in US dollars. The Tether Limited is now to be a customer at the Nassauer Deltec Bank in the Bahamas.

However, the past week has not passed without a trace of Tether. As the Omni Explorer, Tether, issued in October, no new Token. Instead, the Tether Limited has sent a total of seven Times, a total of 690 million Tether (USDT) back to your Treasury account, and thus taken out of circulation. Much of the Remittances (580 million USDT) was since the 14th century. October. It is noteworthy, therefore, that the bulk of the outflows took place either after or immediately prior to the loss of the USD-bond by USDT, as the USDT slipped the price up to USD 0.92.

Overall, the Tether Limited has taken more than a quarter of the Tether from the circulation. The number of USDT has fallen from around 2.8 billion to 2,008 billion. The last Emission of the Tether took place on 21. September, as the market capitalization rose to just over 2.8 billion US dollars, and thus a new all-time high reached.

At the time of writing Tether has not manufactured yet again and again his loyalty to the US Dollar. The rate of Tether is currently 0,9821 USD. If the Tether Limited will therefore take further USDT from the circulation remains to be seen.

Strengthening of the other stable coins?

A possible explanation for the weakness of the Tether could be the strengthening of other (new) stable coins. Users of Tether could against one of the newly introduced “regulated” stable coins like the Gemini dollars, Paxos or something longer existing TrueUSD (TUSD) have to be replaced. This would have been from Bitfinex in the last few days, is particularly attractive, since these stable coins were traded at a premium to both the USDT and the physical Dollar itself.

A look at the Market capitalisations of each of the stable coins, however, shows that there was a significant inflow of cash for the competitors, but not to the extent of USD 600 million. TrueUSD has made the most rapid progress. Since the 01. October, the amount of all outstanding TrueUSD of approximately 100 million to 160. Million (for the 14.In October alone, around 20 million). With regard to the Gemini-Dollar offers Coinmarketcap, currently, sorry, there are no data on the market capitalization. The volume of trade, however, speak a clear language. In front of the 14. October was for the Gemini dollars (GUSD) in the case of under 50,000 USD a day. According to the 14.October has increased the volume of trade on intermittently over 14 million. GUSD recorded apparently also a significant inflow. Paxos market capitalization is also significantly up from 13.5 million (prior to the 14.10.) at times, over 64 million increase. Currently, about 42 million PAX are in circulation.

Comparing the quantities in Circulation of the three competitors in the sum (200 million USD + X GUSD) with the 2 billion of the Tether, and the competing Stablecoins is still far behind the market leader. Nevertheless, the power could be change. Investors should continue to lose Faith in the reliability and the payment ability of the Tether, could this be pending, but faster than I thought.


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