A new detailed report released by Hong Kong - based cryptocurrency trading platform BitMEX has found possible published evidence that Tether's network is backed
by fiat currency in Puerto Rico's banking system.
So was this hack a
bid by fiat currency diehards to undermine confidence in Bitcoin or maybe an elaborate ruse for someone to snap up a bunch of Bitcoins on the cheap?
First revealed in 2015 by Swiss banking giant UBS and Clearmatics, the Utility Settlement Coin concept represents the latest in a growing number of blockchain projects that could be
amplified by fiat currencies issued on a blockchain.
Also, the issue whether a token that is fully backed
by fiat currency falls under the definition of a cryptocurrency is questionable and will be put on the agenda of the next scheduled Index Committee Congress.
Tether, the altcoin backed
by fiat currencies USD and EUR, has issued another 300 mln USDT tokens priced at $ 1 per token on Tuesday March 20, according to data from Omni Explorer.
Tether, a digital token
backed by fiat currency, also experienced banking problems in 2017 when all international wires to Tether were frozen by Tether's Taiwanese banks.
Tether digital cash is a token working on top of the blockchain and backed
by fiat currency.
Tether digital cash is a token working on top of the blockchain and backed
by fiat currency.
The UBS innovation team has recently proposed a so - called «settlement coin», which could be backed
by fiat currency and become usable even within the existing regulatory framework.
Tether (USDT) is a digital token that is backed
by fiat currency, in this case by US dollars.
Tether coins are supposed to be backed up
by fiat currency.
Tether is a digital token backed
by fiat currency, supposedly pegged 1:1 with the US dollar.
Tether offers tokens valued at a 1 - to - 1 ratio with the US dollar, claiming all coins are backed
by fiat currency.