Trading against Tethers (USDT) on the Bit-Z exchange has already stopped, and users have less than a month to move any remaining USDT tokens. All USDT trading pairs were delisted on March 30.
BitZ has substantial daily volumes in Bitcoin Cash (BCH) and Ethereum (ETH), but is not among the greatest owners of Tethers. At the moment, USDT tokens are getting concentrated on larger, high-volume exchanges.
The de-listing underlines an older warning to traders to stay away from exchanges where the price is discovered in USDT-based trading. Some believe the presence of more than 2.2 billion circulating Tethers is seriously affecting BTC prices. The drama around Tethers has heated up in the past months, and one of the leading Twitter critics, Bitfinex’ed, has switched protected mode on for his profile.
But now, some of the interest related to USDT has moved onto the True USD (TUSD) project. In the last few days, the supply of TUSD has increased by about 2 million tokens and is now a total of 9.47 million tokens.
However, the activity of the TUSD token on Etherscan is showing a different pattern. Unlike Tethers, which get printed in exorbitant tranches of hundreds of millions, TUSD is seeing relatively small transactions. In theory, the TUSD smart contract is only supposed to release new tokens in cases of funding an escrow account.
The account’s balance serves as an oracle, or information supplier, to the smart contract. At this point, the TrustToken servicing banks are unknown, but the project is starting to look like one possible source of liquidity for the falling Bitcoin market.
Tether Volumes Unaffected
The USDT market seems unaffected by the delisting, and now takes up more than 15.2% of all trading volumes, a number which keeps growing gradually.
TUSD trading is still relatively thin, at about $1.2 million in 24 hours. But now, the token has also spread to the Upbit exchange, and there is no knowing how many new issues there could be in the future. Supposedly, TUSD reflects the inflow of actual fiat into crypto coins, instead of an injection of liquidity with no certain dollar backing.
TUS markets are relatively small, with volumes of just 170 BTC in 24 hours, and only one other pairing, against ETH.
This article appeared first on Cryptovest
