Tether (USDT) 100% Backed while Eth2 is the 13th Largest Blockchain.Surging prices, anticipation, and steady coin interest round out today’s headlines.
$3.5 billion Locked in Eth2 Deposit Contract, Makes it the 13th Most Value Crypto
Ethereum is building and plans to transit away from Proof-of-Work (PoW). Their goal is to incorporate solutions to scale the base layer, rid miners, and drastically lower Gas fees.
With rising ETH prices, the cost of transacting in Ethereum has been rising to prohibitive levels, negatively impacting user experience.
Now, the official deposit contract of Eth2, according to Etherscan, holds over 2.7 million ETH, translating to over $3.5 billion—fluctuating depending on ETH/USD spot rates. Tether (USDT) 100% Backed while Eth2 is the 13th Largest Blockchain
If the Beacon Chain is a blockchain, it would be the 13th most valuable crypto project, with a higher valuation than Uniswap and Bitcoin SV.
Tether (USDT) is Backed 1:1 says Deltec
The absence of an official audit report from any top-4 firms like Deloitte, for instance, leads to more doubts on USDT’s peg.
To squash these doubts, Tether Limited’s banker, Deltec, now says the stablecoin is fully backed.
This comes when they are submitting documents to the New York Attorney General (NYAG). The NYAG alleges that Tether Limited illegally minted $850 million and loaned it to Bitfinex—a global exchange.
Earlier, iFinex’s General Counsel, Stuart Hoegner, said USDT reserves were 74 percent backed by cash and other assets, including digital currencies.
Coinbase Now Has 43 Million Users
Save Coinbase’s server troubles when crypto prices rally, the exchange is one of the largest in the world with 43 million users.
Registrations accelerated in 2020. Most of them are in the United States and Europe.
The exchange user base is confident on the exchange that has never been hacked and plans for an IPO, recently submitting pre-registration documents to the US SEC.
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