Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Tether Market Cap Swells Past $50 Billion, USDT Stablecoin Gets Listed on Coinbase Pro

Tether Market Cap Swells Past $50 Billion, USDT Stablecoin Gets Listed on Coinbase Pro

The blockchain stablecoin issuer Tether Operations Limited has recently surpassed a $50 billion market valuation after seeing exponential growth during the last few years. Furthermore, the stablecoin tether has launched on the trading platform Coinbase Pro this week marking the San Francisco-based exchange’s first time supporting the dollar-pegged token.

Tether Market Cap Increases by 170% in 6 Months

The blockchain company has reached a milestone this week as the firm’s dollar-pegged token USDT has surpassed a $50 billion market capitalization. Back in November 2020, Bitcoin.com News reported on how USDT towered over the stablecoin competition, as the market cap grew by 2 million percent in four years. At that time, records had shown tether’s (USDT) market valuation was around $18.5 billion. At $50 billion today, the USDT market valuation increased by 170.27% since November.

Tether Operations Limited says that the skyrocketing market cap stems from a myriad of use cases including spot exchanges leveraging tether and decentralized finance (defi) applications using the stablecoin. Data from Messari.io shows that reported daily volume for tether is around $117 billion and usually reported daily USDT volume is over the $100 billion mark every day. 24 hour “Real Volume” stats from Messari.io indicate that USDT volume could really be around $38.80 billion on April 26. This is still the largest crypto in terms of traded volume on a daily basis, in comparison to top crypto assets like ETH and BTC.

“Crossing a market cap of US$50 billion represents an incredibly important milestone for Tether,” Paolo Ardoino, the CTO at Tether explained after reaching the $50 billion market cap milestone. “When the group of visionaries that created Tether in 2014 first launched the stablecoin they could not have dreamt that it would have grown so exponentially. Tether’s success is a blueprint for a Central Bank Digital Currency (CBDC) and a banking system of the future. We are truly humbled by the pivotal role that Tether now plays in the digital token ecosystem across myriad protocols and applications.”

Coinbase Pro Starts to List Tether Trading Pairs in Phases, Stablecoin Is Not Supported on Coinbase.com Yet

When tether (USDT) first came out, the stablecoin was issued via the Bitcoin (BTC) network by using the Omni Layer Protocol. Since then, the token has branched off into multiple blockchains and USDT has been issued on blockchain networks like Ethereum, Solana, Tron, Bitcoin Cash, EOS, Liquid, and Algorand. Moreover, tether’s ERC20 version is leveraged on various defi applications and decentralized exchange (dex) platforms. USDT is used on a myriad of centralized spot exchanges all across the globe and just recently the token was added to Coinbase Pro.

“Starting immediately,” Coinbase said. “We will begin accepting inbound transfers of USDT to Coinbase Pro. Trading will begin on or after 6 p.m. Pacific Time (PT) Monday, April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC20 USDT.”

If everything works out and a sufficient supply of USDT is established on the Coinbase platform, the exchange will offer tether pairs in BTC, ETH, EUR, GBP, USD, and USDC. But if there is not enough liquidity for one pair, the pairing may get removed. Coinbase says that it will announce each tether pair listing in phases and USDT will not be available yet on Coinbase.com.

“We will make a separate announcement if and when this support is added,” the San Francisco exchange’s announcement concludes.

What do you think about tether’s market cap mushrooming to a whopping $50 billion this week? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more

Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin ( BTC ) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.  The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed. On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a co...
Post a Comment
Read more

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more