Bloomberg has recently published a report which claims that one of the most popular stablecoins at the market Tether (USDT) earned around 6.6 million dollars in interest in the first six months of 2018.
Recently, there has been a lot of speculation regarding the coin. Many experts believed that this dollar-pegged asset did not possess enough fiat currency to back up its circulation. Others said that Tether was used to toy with the price of Bitcoin.
Regardless of all the rumors, the report clearly shows that USDT has enough assets to fully back itself up. For instance, just one bank in Puerto Rico holds 2.2 million dollars, which is totally enough to back the whole circulation of Tether, meanwhile the coin has fiat deposits in financial institutions all over the world.
Thus, despite the strong competition at the market of stablecoins, Tether still remains a serious player.
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/