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
-
Engine by Starling signs ‘largest-ever’ deal with Tangerine Bank
-
ClearBank installs new scalable reconciliation platform
-
UK mobile networks commit to blocking foreign bank impersonation calls in ‘landmark agreement’
-
UK pilots bank access scheme for homeless people as Financial Inclusion Strategy launches
-
Santander rolls out international growth platform for businesses
-
Klarna partners with Marqeta to roll out debit card across Europe
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
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: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories