Tether’s Expansion to Blockchains brings risk to the crypto market

Tether is a controversial token which serves as an alternate way for trading coins on numerous crypto exchanges. Recently they have started expanding their horizon by teaming up with new blockchains, the distributed digital ledgers that threaten the digital assets.

Tether has been a platform that has enjoyed obfuscation now and then, and the migration from dominant platforms makes it more difficult for the users to keep track of the transactions that take place.

Tether is considered as a stablecoin where they are used as a type of liquidity pool to avoid the concerns about money laundering and other illicit activities. This is the reason why the exchanges are not able to establish a banking facility. Tether claims that every coin is backed up by a one-to-one based currency like dollar or euros.

Tether joined the Liquid Network on 29th July. It was added to Tron in March, and in May it made its debut in EOS. These are the networks that not many analytics companies are tracking yet. It is said that Tether is also moving to Algorand blockchain.

Many blockchains have privacy features that mask the type of coins that are sent during the transactions so it won’t be possible to find out if the coin was tether or bitcoin.

Tether was used in around 40% to 80% of the transactions on the topmost crypto exchanges, Binance and Huobi. Eric Turner, director of research at Messari, thinks that Tether is expanding its horizon for their profit so that in future if any network takes off, it’ll be beneficial for them.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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