Tether is approaching a solution to the wave of three class action lawsuits against it. According to one declare On Tether's website, the judge has assigned a temporary primary adviser to the plaintiffs in the consolidated complaint of the case against Tether.
Judge Kinda Failla of the U.S. District Court for the Southern District of New York who appointed temporary counsel for the plaintiffs in the lawsuit became a consolidated complaint of the lawsuit against iFinex, the parent company of both Tether and Bitfinex.
In complaints, Tether allegedly used access to Bitfinex to manipulate Bitcoin prices in 2017 through the largest coin issuance and coin control in human history (as described by the plaintiffs). ), thus wiping out hundreds of billions Crypto assets. Tether is starting to backfire, seemingly driven by current developments as there is more clarity surrounding the lawsuit and echoes the previous view:
"The allegations in the complaint are either incorrect or without a legal basis, and represent a fundamental lack of understanding of the market structure of cryptocurrencies. It is reckless and wrong to assume that USDT tokens were issued to manipulate the market. "
In one of the lawsuits filed against Tether in October 2019, the plaintiffs are being represented by Roche Freedman, the defense lawyer for Craig Wright. Another complaint, named Young et al v. IFinex Inc et al, originally filed in Seattle, Washington. It was later withdrawn and submitted in New York.
Tether's general lawyer, Stuart Hoegner, described the cases as unfounded.
Tether seems to care less about who will act as a temporary advisor, making it clear that they will not be able to create a realistic debate and call complaint a blatant fraud.
USDT, the largest stablecoin with a market capitalization of US $ 4.6 billion, has maintained its price during the latest crypto market crash. However, it is still not the best performing stablecoin.
Tether rivals leap in volume
TUSD and USDC have both witnessed a surge in trading volume since the beginning of the year. Their increase could cut Tether's dominance over the stablecoin market.
USDT, by far, is the leading stablecoin in the cryptocurrency market but recent figures show that other stablecoins are currently catching up.
Since the beginning of the year, there has been a huge increase in transaction volume on many of Tether's competitors.
As Unlolded pointed out, the surge began at the beginning of the year. Both TUSD and USDC currently boast daily trading volumes of over $ 1 billion.
$ TUSD & $ USDC volumes have surged in 2020 pic.twitter.com/7dRCP0m5ug
– Unfolded (@cryptounfolded) February 27, 2020
However, another major stablecoin did not gain traction – BUSD. Stablecoins, backed by the world's largest exchange, struggled to keep up with competitors but trading volumes and liquidity remained low.
Although many of Tether's competitors are witnessing a rapid increase in transaction volume, they are still far behind. At the time of writing, Tether currently has about $ 56 billion in daily transaction volume. Therefore, its competitors still represent only a very small part of the stablecoin market.
Annie
Bitcoin Magazine
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