Tether Project Weekly Report (0523-0529)
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Tether Launches New Stablecoin MXNT, Price Pegged to Mexican Peso
Paolo Ardoino, Chief Technology Officer of Tether, said: "We have seen an increase in the use of cryptocurrencies in Latin America over the past year, which shows that we need to expand our product range. The introduction of stablecoins peso People in Mexico provide a store of value. MXNT can minimize the volatility of converting assets and investments from fiat to digital.”
https://voi.id/zh/technology-zh/172410/tether-luncurkan-stablecoin-baru-mxnt-harganya-dipatok-ke-peso-meksiko
http://vr.sina.com.cn/news/hot/2022-05-27/doc-imizirau5085008.shtml
https://news.cnyes.com/news/id/4880649
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On May 23, Tether officially issued a document stating that the premise of maintaining stability of stablecoins is that each stablecoin can be redeemed at a fixed value. The design, mechanism and collateral of USDT and Terra are completely different. Terra is an algorithmic stablecoin with mechanisms designed to achieve stability, but ultimately failed. In contrast, USDT is fully backed by collateral, and each USDT can be exchanged for 1 US dollar. When the price of USDT on an exchange is not equal to US$1, it only indicates that the user's demand for liquidity exceeds the order book of the exchange, and it does not mean that USDT is unanchored. Tether has more than $70 billion in collateral for the redemption of USDT to meet the liquidity needs of users. And the user's redemption request exceeding 10% of the circulating USDT can be completed within a few days. In addition, Tether announced that more than 55% of USDT's reserves are U.S. government bonds, and commercial paper accounts for less than 29%.
https://news.cnyes.com/news/id/4877565
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Tether CTO: 'Other flavors of Tether' will link users to USDT
According to Paolo Ardoino, Tether’s decision to launch a new digital asset pegged to the Mexican peso will provide more access to the USDT stablecoin, a boon for cryptocurrency adoption in the Latin American country.
"I didn't go to Davos to meet the CEOs of the big banks," he said. “We’re here to get our message across [that] there’s a big world out there that needs secure cryptocurrencies.”
https://cointelegraphcn.com/news/other-flavors-of-tether-will-bridge-users-to-usdt-paolo-ardoino
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Tether has issued USDT on PolygonUSDTBolian Finance learned that on May 27, according to The Block,blockchain, this move will help expand its influence in the encryption market, and users can now move funds in and out of the Polygon ecosystem through USDT and generate income.
https://www.qianba.com/news/p-432243.html
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Bitfinex CTO plays down reports of Tether's troubles
Ardoino tried to reassure investors despite what happened, saying 'the peg was not broken. He was referring to the company’s ability to redeem the token, not its price on exchanges.
Ardooin said that on May 12, the company had enough liquidity to redeem $600 million in USDT without any issues. Since USDT is a fiat-backed stablecoin, broken chain refers to the inability to redeem tokens at face value.
https://www.todayscrypto.news/zh/bitfinex%E9%A6%96%E5%B8%AD%E6%8A%80%E6%9C%AF%E5%AE%98%E6%B7%A1%E5%8C%96%E5%85%B3%E4%BA%8Etether%E9%99%B7%E5%85%A5%E5%9B%B0%E5%A2%83%E7%9A%84%E6%8A%A5%E9%81%93/
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Despite withdrawing $10 billion in two weeks, Tether remains unmoved
Crypto traders have withdrawn nearly $10 billion from Tether USDT over the past two weeks amid speculation that regulatory scrutiny of the stablecoin will intensify.
The circulating supply of USDT fell to $73.3 billion on Monday from $84.2 billion on May 11.
On-chain data shows that traders withdrew $1 billion from Tether on May 20 alone. The collapse of Terra cryptocurrencies UST and LUNA contributed to the massive outflows.
With the collapse of UST, USDT and many stablecoins lost their pegs for a while. This has drawn attention to this crypto class and how "stable" it is.
https://ultcoin365.com/zh/despite-10-billion-in-withdrawals-in-two-weeks-tether-remained-unshaken/
