October has been nothing short of a total disaster for Tether, it all started when the rumors that have been floating around the cryptocurrency world went mainstream - with outlets like Forbes, Bloomberg, and The Washington Post all publishing stories explaining why cryptocurrency traders were concerned.
That was followed by the markets reacting, and Tether losing approximately $800 million in market cap - just in the last 10 days. $610 million of that removed from circulation by the company - a move they've done before, but this is the largest amount to date.
Now, we have confirmed the current top exchange in the world, Binance, is searching for more stablecoins to add to their platform - also worth noting, Binance had to suspend Tether withdraws for a short time on Monday, so many people pulling out caused "network congestion".
Speaking to a contact at one of these other stablecoin projects , he confirmed "our CEO has talked to people from Binance 3 times in the past week now" he asked for his project to remain unnamed for now, but said I could share the news - which made me wonder 'but if I share what you just said, won't they be able to figure out that you're my source?' in which he replied "nope, because I also know there's several others they're evaluating right now too".
To be fair, Binance had already broken Tether's stablecoin monopoly on their exchange earlier this year when they added TrueUSD and Pax. So it's nearly impossible to prove that adding more is a response to what's been going on with Tether. But a fair guess would be that all the Tether drama put those efforts into overdrive.
Author: Adam Lee
Asia News Desk
