Hello and namaste everyone
USDT is the top stablecoin in the market and is in trouble. When I heard about stablecoin, it was the first name I got to know and of course, now we have many stablecoins on the list. After U S D T stable coin usdc is the second Bitcoin in the market and it is managed by Coinbase. The US government is now running behind Tether which is the company managing USDT. This is not the first time because I have also seen some controversies about this company in the past. Every time it is shared that the company is managing all the reserves and they are transparent with their process it means there will be no problem with USDT as a stablecoin in the market.
This is such a popular coin that almost every exchange has got the popular coin parts with USDT. Don't know how things will turn up after this because the US authorities are investigating Tether and probably they are targeting this company after many exchanges. The Wall Street Journal has reported this news and also there is an update that the tether slammed WSJ for incorrect reporting. It is correct that the investigation is going on against the company but sometimes the media also play a dirty role in between and they do some sort of reputing which creates uncertainty in the market.
The cryptocurrency market is currently facing turbulence following reports of a U.S. investigation into Tether, one of the market’s most crucial stablecoins.
Now people who are in the crypto market are maybe worried because something wrong happening with Tether is going to impact the market. Now the question is why something wrong will happen if everything is in place and according to the policy. The company is transparent and they have been managing all according to the guidelines or the standard procedure. The Crypto market is pretty much matured now so if USDT is affected then we have many other points on the list that will be getting more attention from the investors. Possibly because of the ongoing uncertainty in the market due to this investigation for usdt, some people will convert their stablecoins to Crypto.
If that happens then it is good news for the crypto market because we may expect some price increase because of this action. Now is the time when we need to see how things are going to happen and what will be the outcome of this investigation which is being done by the US government. We know that the US is going through the election and next month we are going to have the next President. If Mr Donald Trump is the winner then probably things will be relaxed because he is a crypto supporter and it is expected that he will not do anything that causes the crypto community. Tether is such a big company and they have revealed their profits also some time back so this could be the reason why the us government is behind them.
It is too early to panic because it is just an investigation and nothing has come out of the scenario. We need to wait and see how this takes shape because investigation can be a part of the regular protocol but there is nothing to worry about unless something is proven against the company until the time usdt is safe and this is working as usual.
Thank you so much
Stay Safe