As I mentioned in this video, onshore RMB is unlikely to be launched because the yield on Chinese government bonds is very low while the demand is huge, reflecting the issue of lying flat and earning interest, as well as financial inefficiency.
Offshore RMB may be launched soon.
1. Initiatives like the Belt and Road are settled in RMB, and a large amount of offshore RMB is not under central bank control. From the perspective of stabilizing the exchange rate, it may be possible to issue it.
2. Allowing overseas players to purchase offshore RMB reduces selling pressure, which is beneficial for the internationalization of RMB.
Forgiven
Recently, brokerages have started frequently releasing research reports on stablecoins. A report from Huatai disclosed that, according to Chainanalysis on-chain data analysis, the trade transaction amount processed by stablecoins in Yiwu exceeded 10 billion USD as early as 2023.
The director recalled the unfortunate failure of the ecological project Trust Reserve two years ago. According to discussions with the project founder, at that time, the monthly transaction volume processed through CNHC by Yiwu merchants had already reached the equivalent of 80 million USD, with an estimated market share of about 5-10%. Looking back at the data now, it is very real. Two years have passed in the blink of an eye, and stablecoins used by Yiwu merchants are still firmly dominated by USDT, while the RMB stablecoin is nowhere to be seen. Looking at the situation, by August this year, comrades should have regained their freedom.
What saddens the director is not only that a group of entrepreneurs and fighters have had their youth worn away in waiting, but more painfully, the historical process of RMB internationalization has been delayed.
As Governor Zhou Xiaochuan commented, USD stablecoins may promote dollarization, and RMB stablecoins can similarly promote RMB internationalization.
In the international market, USD stablecoins have already progressed to national legislation/company listings/major players entering the market. In contrast, domestically, homes have been stolen, and we cannot continue to pretend not to see what is happening right under our noses. We still have a lot of work to do.
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🔆cryptotiger | OpenLedger🐙
SKATE AMM Swap Review & Staking Pool Status
■ Skate Chain AMM Staking Status
º Total staked $SKATE amount: approximately 6.52 million $SKATE
º Current estimated APY: about 174%
º Supported chain for staking: Only ETH chain
■ Skate AMM Swap Information
º Currently supported chains: ETH, Base, BSC, Arbitrum, Mantle, HyperEVM, Plume, Solana, Eclipse (total of 9)
Each chain has different pairs available for swapping.
@arbitrum
º Uses optimistic rollup as an Ethereum L2 scaling solution
º Known for fast processing speeds and low gas fees
º For the Arbitrum chain, the currently supported pairs in Skate AMM swap are a total of 2 (SOL / USDC and SKATE / USDC)
Solana
º Solana DEX trading volume reached $94.8 billion, anticipation for Solana ETF launch
º There are relatively many pairs supported in Skate AMM swap (USDT / USDC) with stable pairs available
■ Skate AMM Swap Review
I am currently swapping on the Solana chain, and a few days ago I encountered an error message that made swapping difficult, but now I am able to swap smoothly with about 1,000 USDT.
There was a site where I could check the trading volume on @skate_chain AMM directly, and last time it was convenient to check, but now the old site seems to be blocked.
If anyone knows, I would appreciate it if you could let me know!
Skate
One app, every blockchain.
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Paguinfo
Noya Hacked Fund movement
Now out of $233K, $50K has been moved to
Hacker used Stargate a few times to other addresses
and the final destination wallet has some other funds too
I think this one is the dumbest hacker I've ever seen so far
@NetworkNoya @OptimisticOmni @hackenclub @code4rena @KaitoAI
Paguinfo
Noya hacking incident update again
The stolen fund on 0x1b4d8f8cffcb01635671cc8faee5542be51f9832 ETH network has been bridged to BNB chain then transferred to
the same wallet 0x1b...9832 also sent BNB gas fee
@NetworkNoya @OptimisticOmni @hackenclub @code4rena @KaitoAI
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The Smart Ape 🔥
Honestly, I think we don’t take risks and threats seriously enough.
We quickly label them as FUD and move on! Instead we focus on FOMO and bullish points that give us an adrenaline rush and positive vibes.
But if you ignore risk and don’t pay attention to threats, you won’t make real progress. I’d say 50% of success is spotting opportunities, but the other 50% is protecting what you’ve earned, and that means being able to see risks and threats coming from afar.
And it’s not that hard to do! I was surprised to see that @Infinit_Labs can also help with this.
I simply asked: “What risks or bad news should I watch out for that could impact my wallet in the coming weeks?”, and the answer was pretty detailed.
1️⃣ First, it flagged a spike in liquidations, which usually brings high volatility. In general, it’s better to avoid investing or holding short-term positions in that kind of environment. Recently, there have been significant liquidation spikes.
2️⃣ Then, there’s the tense geopolitical situation, especially the Iran–US conflict. Things have cooled down a bit with the ceasefire, but that’s only a temporary fix, it could easily drag the market down again.
3️⃣ Infinit also pointed out concerns around airdrops, like Kaito’s, where many users were disappointed by how the launches went and by the allocations they received.
Some didn’t get anything from the $NEWT even though they created a lot of content and got engagement, some were even in the top 100 on the leaderboard and still barely got anything.
4️⃣ Still on Kaito, some projects were flagged for possible manipulation. Apparently, there’s a high concentration of Patron NFTs in just a few wallets. I haven’t looked deeply into this myself, so take this with a grain of salt.
5️⃣ Lastly, Infinit noticed a decline in USDC Mcap, with big flows moving from USDC to USDT. That clearly signals a loss of trust and potential risks around USDC. To be honest, I also don’t know much more about this part.
All this to say that identifying risks and threats should be a priority, and I think Infinit does a great job at it too!
The example above is pretty global, but you can easily tailor your questions to target potential risks for specific projects.
I’m genuinely impressed that Infinit performs so well in this area too.
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BloFin Exchange
$ETH: Reporting at 2,458.32 after a price increase of 1.31% in the last 24 hours.
Where do you think it’s going from here?
Trade #ETH-USDT on BloFin ⬇️
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Tether price performance in USD
The current price of Tether is $1.0003. Since 00:00 UTC, Tether has decreased by -0.01%. It currently has a circulating supply of 157,576,926,188 USDT and a maximum supply of 157,576,926,188 USDT, giving it a fully diluted market cap of $157.69B. At present, Tether holds the 0 position in market cap rankings. The Tether/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
Tether (USDT) is the world's first and most widely used stablecoin and the third-largest cryptocurrency by market cap. USDT is an Ethereum-based, asset-backed, stablecoin pegged to the US dollar. Hence, Tether's value is meant to remain consistently close to 1 USD.
Initially called Realcoin, Tether was launched in 2014 by Reeve Collins, Craig Sellars, and Brock Pierce. USDT tokens are issued by Tether Limited, a company controlled by Bitfinex, and can theoretically be redeemed at any time for an equivalent amount.
How does Tether work
Tether was initially built on top of the Bitcoin blockchain, but its network has now been expanded to run on over ten different blockchain protocols, including Ethereum (ETH), Tron (TRX), and Solana (SOL). Tether was also launched on the Omni layer, a platform for creating and trading assets on the Bitcoin network.
USDT can be minted or destroyed by its issuing company Tether Limited, and more importantly, be quickly and cheaply transferred to individuals over any supporting blockchain network. Whenever new USDT tokens are issued, Tether is meant to allocate the corresponding USD amount to its reserves, in order to ensure that USDT remains fully backed by cash and cash equivalents.
What is Tether used for?
USDT has become popular for trading across major exchanges due to its ease of use and wide acceptance. In most cases, users can also conveniently move their holdings between their Web3 wallets and exchanges.
Tether can also be used to gain some level of exposure to the US dollar. Tether Limited publishes a daily report on the value of its reserves and has quarterly assurance opinions issued by external accountants.
USDT developments
In an updated statement, Tether revealed that USDT tokens are no longer backed entirely by US dollar deposits. Instead, Tether is allegedly backed by reserves, including traditional currency, cash equivalents, short-term deposits, commercial papers, US treasury bills, corporate bonds, secured loans, precious metals, corporate funds, and more.
In January 2021, Tether Limited minted a record 2 billion USDT tokens in a single week. This came during tremendous growth in the crypto markets. The growing interest in USDT was due to several reasons, including an increasing lack of trust in the traditional financial system and rising institutional interest in cryptocurrencies.
In November 2021, USDT launched on the Avalanche platform. Avalanche, launched in 2020, is one of the blockchain industry's fastest and cheapest-to-use smart contracts platforms. The Avalanche-native USDT was first supported by Bitfinex and was said to offer cheaper and quicker USDT transactions.
In April 2022, USDT support was added for the blockchain network Kusama making Kusama the tenth network to support the asset-backed stablecoin. This represented a milestone for Kusama and an especially significant one for USDT. Kusama is a decentralized network of specialized, parallel blockchains closely related to the much more extensive Polkadot network and is often referred to as Polkadot's Canary network.
In May 2022, USDT was launched on the Polygon network. Polygon is an Ethereum scaling solution, also known as a sidechain or Layer-2 network, known for charging significantly lower transaction fees and being faster than its main network, Ethereum. At the time, Polygon had processed over $1.6 billion in transactions, had over $5 billion in locked value, and had more than 19,000 decentralized apps (DApps) running on it. Polygon is the 11th blockchain network that USDT was launched on.
Tether's expansion continued during 2023 with key partnerships such as that with Argentinian crypto payments provider KriptonMarket. The partnership supports USDT transactions at the Central Market of Buenos Aires, allowing customers to pay for goods using USDT. The collaboration also allows vendors to pay a portion of their employees' salaries in the stablecoin.
On August 12, 2024, USDT reached a new record market cap of $115 billion, on its way to capturing a 70% share of the total stablecoin market. The milestone followed noteworthy growth for the leading stablecoin, with USDT increasing its market cap by more than 40% between September 2023 and August 2024.
In the same month, Tether announced the expansion of USDT to the Aptos blockchain in a move that aimed to improve accessibility to digital currencies globally. The integration of USDT with Aptos brought lower gas fees and high performance to users of the chain, opening the door to wider adoption.
USDT price and tokenomics
Tether Limited controls the minting and burning of USDT tokens. IN theory, when there is demand for USDT, Tether mints new tokens and when USDT is sold, the corresponding number of tokens is burned.
There are about 116.99 billion USDT in circulation as of mid-2024, and USDT has a current total supply of 118 billion. Some USDT tokens are held in reserve by Tether Limited, explaining the gap between the number of tokens in circulation and the number in existence.
USDT has no supply cap, so any number of USDT tokens could potentially be created by Tether Limited, if there is sufficient collateral to back them. Minting new tokens doesn’t erode the value of existing tokens. Likewise, burning USDT tokens doesn’t increase token value.
About the founders
Tether was founded in 2014 by a group of early crypto adopters and Bitcoin enthusiasts passionate about digitizing fiat currencies. Its origins lie in the Mastercoin protocol, based on the Bitcoin blockchain.
Brock Pierce was one of the original members of the Mastercoin Foundation who helped develop and promote Mastercoin. Pierce, Craig Sellars, and Reeve Collins co-founded Tether in 2014, with Mastercoin protocol as its technological foundation.
Tether's precursor, "Realcoin," was announced in July 2014, and the first tokens were issued in October 2014. The project was renamed Tether in November of that year, alongside an announcement of entering the private beta phase, with three currencies: USTether (for USD), EuroTether (for EUR), and YenTether (for JPY).
Brock Pierce is a widely known entrepreneur and co-founder of multiple high-profile entertainment and crypto projects, including Blockchain Capital and Block.one, the company that created the EOS blockchain. He also served as Director of a non-profit organization called Bitcoin Foundation, created to improve and promote Bitcoin.
Reeve Collins is also a serial entrepreneur who had already co-founded successful companies like Traffic Marketplace, RedLever, and Pala Interactive. On the other hand, Craig Sellars has been an active member of the Omni Foundation and associated with multiple organizations, including Bitfinex, Synereo, MaidSafe Foundation, and Factom.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 6.6K new posts about Tether, driven by 4.3K contributors, and total online engagement reached 912K social interactions. The sentiment score for Tether currently stands at 71%. Compared to all cryptocurrencies, post volume for Tether currently ranks at 1627. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Tether.
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Posts
6,632
Contributors
4,342
Interactions
911,555
Sentiment
71%
Volume rank
#1627
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Posts
5,102
Interactions
690,403
Sentiment
70%
Tether FAQ
How much is 1 Tether worth today?
Currently, one Tether is worth $1.0003. For answers and insight into Tether's price action, you're in the right place. Explore the latest Tether charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Tether, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Tether have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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