Tether, the world’s largest stablecoin by market capitalisation, has returned to parity with the US dollar.
Stablecoins are a type of cryptocurrency designed to remain the same value as another asset, in Tether’s case the US dollar.
The news comes after Tether experienced severe disruption last week, which led its value to drop to 95 cents.
Other stablecoins have experienced fluctuations in value in recent weeks, as crypto prices have fallen more generally.
Tether rival TerraUSD, fell to $0.05 on May 13.
Tether, unlike TerraUSD which relies on a mixture of code and other cryptocurrencies to stabilize its value, relies on cash and short-term debt as collateral.
Tether accounts for around 87 per cent of the total $169.5 billion stablecoin market capitalisation, according to data from CoinMarketCap, ahead of USD Coin and Binance USD.
Despite recent volatility, the global cryptocurrency market is projected to reach a value of $4.9 billion by 2030, according to a report by Allied Market Research.
Latest News
-
Government plans new tools to help FinTechs navigate complex regulation
-
Paxos launches dollar stablecoin in the EU
-
MiniPay and Noah launch global-to-local stablecoin payments
-
Chesnara acquires HSBC Life UK for £260m
-
Santander to acquire TSB for £2.65bn in strategic UK expansion
-
Bitget Wallet and Mastercard to launch zero-fee crypto card
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories