• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Altcoin News / Tether usage booms in China as country continues to juggle trading ban decisions
Tether

Tether usage booms in China as country continues to juggle trading ban decisions

October 15, 2019 by Ketaki Dixit

Tether has had a roller coaster 2019 with controversies mounting on the stablecoin like there’s no tomorrow. But a recent revelation has shown that Tether enjoys a good market share in a place far away from the United States, China.

In a country that has been on the fence about cryptocurrencies with the government proposing a blanket ban on crypto trade, the number of developments in the space coming out is surprising. The most famous story that has come out from China is that Tether has been used in an astounding 99 percent of all Bitcoin spot trades in 2019. This has come after the stablecoin replaced the yuan, the native fiat currency that was earlier pegged to Bitcoin.

The officials from Chainalysis, a data aggregator, has touched upon why Tether’s performance in China should act as an indicator of the growing Asian market presence in the cryptocurrency sphere. Philip Gradwell, the Chief Economist at Chainalysis, stated:

“People should be paying more attention to the price formation on the large Asian exchanges. There’s probably going to be a large amount of liquidity there that, for example, these OTC brokers will be providing. It can move very fast.”

Tether will be glad that the Chinese preference has come to light because of the scandals that surround the stablecoin organization. In a recent address of the class action lawsuit levied on Tether, plaintiffs Vel Freedman and Kyle Roche went all out to call Tether a scam. The statements read:

“This action concerns a sophisticated scheme that co-opted a disruptive innovation — cryptocurrency — and used it to defraud investors, manipulate markets, and conceal illicit proceeds.”

They further elucidated by saying:

“Part-fraud, part-pump-and-dump, and part-money laundering, the scheme was primarily accomplished through two enterprises — Bitfinex and Tether — that commingled their corporate identities and customer funds while concealing their extensive co-operation in a way that enabled them to manipulate the cryptocurrency market with unprecedented effectiveness.”

The boom in China has also enabled Tether to rocket up the cryptocurrency charts. If one compares performances from the beginning of 2018 to the present, Tether has been the biggest gainer, both in terms of market cap and ranking.

The reason for this is that back in 2018; the Chinese government prohibited its citizens from using yuan for cryptocurrency trades. This enabled Tether to move from the low rankings in the top 10 club to currently sit at a respectable 4th rank.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Altcoin News Tagged With: China, Tether

Primary Sidebar

Recent Posts

  • OKX CMO’s Bold Bitcoin Proposals Receive Surprising Support In Public Vote March 24, 2023
  • Bitcoin’s Value Debate: Diversification Vs. Long-Term Hold Amidst Uncertainty  March 24, 2023
  • Cardano Trading Pair Delisted Citing Low Trading Volume March 23, 2023
  • Ripple CTO Slams SEC’s Coinbase Crackdown: Incompetence Or Insider Protection? March 23, 2023
  • TRON’s Justin Sun Posts Cryptic Tweet After SEC’s Lawsuit March 23, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.