Tether [USDT] on a winning streak: Surpasses EOS, Bitcoin Cash
Tether [USDT] has comfortably settled among the top five cryptocurrencies. The stablecoin has shot past EOS and Bitcoin Cash [BABC] to become the fifth largest cryptocurrency in the cryptoverse, according to Coinmarketcap data. USDT currently sports a market cap of $1.8 billion and is exchanging hands at $1.02. Even though several stablecoins have popped up in the crypto market, Tether remains unbeaten and the king of all stablecoins pegged to one US dollar.
A tainted pathway to success
Tether is in murky waters as it is currently under the investigation of U.S. Department of Justice [DoJ]. The U.S. Justice Department [DoJ] has launched a probe to find the truth of the claims regarding USDT being used to drive a bitcoin bull rally last year. According to a Bloomberg report, the DoJ is probing into the suspicions revolving around Tether, the disputed stablecoin and Bitfinex, the controversial crypto exchange, manipulating Bitcoin prices last year.
The coin was also involved in numerous other scandals. USDT lost its USD peg in October dropping to a measly $0.85. Following this crisis, the crypto was also reported to be dumped on exchanges for Bitcoin [BTC]. Tether has also failed to submit proof for their dollar reserves, unlike other stablecoins. This has led to several allegations that the Tether has no dollar reserves backing the USDT supply as promised by the company.
However, Tether is on a winning streak as it can now be spotted among the top five cryptos. Nearly 66% of the USDT/USD trade is happening on the Kraken exchange, while Bitrex exchange is currently handling 32% of the USDT/USD trades. This implies that scandals have not impeded the growth of Tether.
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