Tether, the issuer of the USDT stablecoin, recently announced the launch of “an updated platform that allows you to verify new customers and directly purchase Tether with fiat and vice versa.”
According to representatives of Tether, the extraordinary popularity of USDT has contributed to significant growth “on an unforeseen scale”, which has led to the fact that “the original operating model has become unstable.” Therefore, the company turned for help to the Bitfinex platform, which was designed for a much wider audience.
Despite the damage that was done to Tether's reputation following difficulties in withdrawing money from Bitfinex, the stablecoin still dominates the stablecoin market.
The company has also entered into a closer partnership with Deltec Bank & Trust Limited with the goal of “creating an original version of the wallet, all operations on which will be carried out without the participation of third parties.” The recent announcement also stated that as of yesterday, traders will be able to “instantly convert Tether to fiat (1:1) and will also be able to purchase USDT in the near future.”
The bad news is that in order to exchange USDT for USD on the Tether website, you will need at least 100,000 USDT. According to the company's statement, the new requirements were developed “with the interests of professional Tether investors in mind.”
According to https://www.cryptoglobe.com
You May Also Like
USD Coin will be available on Binance
Binance, one of the largest crypto exchanges, has announced the addition of USDC to its listing. Binance has opened deposits for USDC and is trading for USDC/BTC, and USD/BNB pairs will be available starting November 17th at 10:00 AM EST.
Tether has stabilized, but not for long
USDT temporarily restored parity with the US dollar tonight. Amid growing competition from other stablecoins launched on behalf of major players in the crypto industry, Tether continues to fight with massive buybacks of previously issued tokens.
