$194 Million was Moved Using Bitcoin With $0.1 Fee, True Potential of Crypto

bitcoin transaction fee: $194 million in BTC for 10 cents
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On October 16, a Bitcoin user moved 29,999 BTC worth $194 million with a $0.1 fee, a transaction which with banks would cost tens of thousands of dollars.

An often pushed narrative against cryptocurrencies like Bitcoin and Ethereum is that it is expensive to clear transactions due to fees sent to miners. However, the $194 million payment on the Bitcoin blockchain demonstrates the potential of consensus currencies to optimize cross-border payments significantly.

$1 Million Through a Bank Costs $10,000+

Transferwise is a UK-based multi-billion dollar firm that eliminates hidden fees in bank transfers. On the platform, users can send small to large payments through bank accounts with substantially lower fees.

However, even on a platform like Transferwise, to send over $1 million, it costs over $7,500 in transaction fees. That means, through wire transfers and conventional banking methods, tens of thousands of dollars are required to clear a transaction that is larger than $1 million.

Percentage-wise, $7,500 is less than 1 percent of $1 million, and in that sense, a $7,500 fee is cheap. But, on the Bitcoin network, which is supposedly highly inefficient in processing payments, it costs less than $0.1 to clear a $194 million transaction.

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On October 14, publicly acclaimed cryptocurrency critic Nouriel Roubini, an economist and professor at Stern School, claimed that it costs $60 to process a Bitcoin transaction and as such, it costs $63 to purchase a Starbucks latte that costs $3, using Bitcoin.

“So the cost per transaction of bitcoin is literally $60. So if I were to buy a $3 latte at Starbucks I would have to pay $63 to get it! So the myth of a ‘Brilliant new technology that reduces the vast fees of legacy financial systems!’ turns out to be a Big Fat Lie!” Nouriel claimed.

In response, respected cryptocurrency investor and Blocktower co-founder Ari Paul stated that the transaction fee of Bitcoin, which is less than $0.1, is publicly verifiable on the blockchain.

“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction. If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked,” Paul noted.

Crypto Could Crack Offshore Banking Market First

As scalability of public blockchain networks improves with the integration of both on-chain and second-layer scaling solutions, cryptocurrencies will be able to handle small payments with higher efficiency.

But, in the mid-term, given the ability of the blockchain to process large-scale payments at the same cost of a small transaction, it is highly likely that cryptocurrencies will gain wide acceptance by investors and firms in the offshore banking market, a $30 trillion industry that relies on financial institutions to clear large transactions.

Spending $0.1 to $1 for a $5 to $10 transaction could be inefficient and impractical. However, spending the same fee to process multi-million dollar transactions provide cryptocurrencies a clear edge over legacy systems.

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Scalability Study: DLT Can Support Daily Trading Volume of US Equity Market

A recent study by the Depository Trust & Clearing Corporation (DTCC), a post-trade financial services firm, has found that distributed ledger technology (DLT) is scalable enough to support daily trade volumes of the U.S. equity market, according to a press release published Oct. 16.

The blockchain scaling problem is growing along with the increasing popularity and public awareness of cryptocurrencies as there is a risk the technology will not be able to keep up with demand. The largest cryptos Bitcoin (BTC) and Ethereum (ETH) use limited sized blocks to process transactions. The more transactions that are performed, the more data each block carries, which can lead to buckling.

The recent 19-week study, which was conducted in collaboration with global professional services company Accenture and enterprise blockchain software firm R3, purportedly proved that DLT is capable of supporting an entire trading day’s volume at peak rates. Per the release, the highest rates equate to 115,000,000 daily trades, or 6,300 trades per second for five continuous hours.

In the course of the study, researchers reportedly ran DLT performance tests using commercial blockchain platforms — DA Platform and Corda Platform. Accenture built a network of over 170 nodes to imitate the financial ecosystem of exchanges and market participants supported by the DTCC. The test environment for this research was reportedly set up in the cloud.

The DTCC notes that the study only tested basic functionality, stating that subsequent work must determine whether DLT is able to meet the resiliency, security, and operational needs, as well as regulatory requirements of its current clearance and settlement system.

David Treat, Managing Director, Global Blockchain Lead at Accenture, said, “this project answered key questions and built serious confidence in blockchain’s ability to drive large scale transformation.”

Earlier this month, BTC protocol developer Mark Friedenbach introduced a method for BTC scaling that claims to be able to increase “settlement transaction volume to 3,584 times current levels” and improve censorship resistance. The new concept suggests a major on-chain capacity boost by means of a Proof-of-Work (PoW) alternation that is done as a soft fork, combined with use of alternative private ledgers.

In July, a team of BTC engineers launched the Bitcoin Operations Technology Group (Bitcoin Optech) addressing the problem of scalability. At that stage, Bitcoin Optech was focusing on “operational technical work, such as SegWit usage, transaction batching, fee estimation and coin selection,” helping companies integrate the rapidly developing technology.

Next Bitcoin Bull Run Will See Crypto Market Rise ‘10x’: Pantera CIO

Joey Krug Pantera Capital
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The co-chief investment officer of one the cryptocurrency industry’s largest investment firms said that he expects the next bitcoin bull run to carry the cryptocurrency market cap 1,000 percent above its current valuation.

Pantera Capital’s Joey Krug made this prediction during an interview with Bloomberg, forecasting that the next upswing could propel the cryptocurrency market cap to more than $2 trillion.

“If you look at that next bull run, I think the crypto space overall could hit 10x from here.”

Noting that in previous market cycles the news that major financial industry players like Fidelity Investments and Intercontinental Exchange (ICE) were entering the cryptocurrency space would have sparked a surge in speculative investments, Krug said that he believes the market is currently waiting on concrete adoption to catalyze a bull run.

bitcoin price chartBTC/USD | Coinbase

For this to happen, he continued, cryptocurrency networks will need to achieve increased scalability, as the current state of cryptocurrency blockchain development is akin to the internet before dial-up.

He commented:

“If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”

As CCN has reported, two of those innovations for Bitcoin, in particular, include the Lightning and Liquid networks. The Lightning Network (LN), which is currently in beta, is a second-layer protocol that operates on top of Bitcoin. Using the network’s built-in scripting language, users can move funds “off-chain” into LN payment channels, where transactions do not require miner validation and can consequently be processed instantly at virtually no cost.

The Liquid Network, on the other hand, is a federated Bitcoin sidechain developed by blockchain startup Blockstream and targeted at cryptocurrency exchanges, financial institutions, and other bitcoin power users who desire to move large amounts of bitcoin more quickly and privately than they can across the main blockchain.

These technologies — as well as ones on other blockchains — are not yet ready for primetime, but Krug said that he expects some cryptocurrency networks to achieve Visa/Mastercard scale within the next couple of years, though that does not necessarily mean the bear market will endure for that long.

In the meantime, he said that he believes the cryptocurrency market has hit a bottom and will remain range-bound until the next catalyst arrives.

Featured Image from Blockchain at Berkeley/YouTube. Charts from TradingView.

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Ethereum Foundation Releases Fourth Wave of Grants

The Ethereum Foundation has announced the fourth wave of grants awarded to 20 different persons and entities working on the Ethereum blockchain, it revealed in a press release Oct. 15.

According to the release, the total amount of awards is over $3 million. The biggest grants worth $500,000 were given to Prysmatic Labs and Status. Both companies are working to develop the Ethereum 2.0 ecosystem first announced by co-founder Vitalik Buterin in November 2017.

Grant recipients were divided by the manner in which they contributed to the development of the network, such as scalability, usability, and security. Adult entertainment platform SpankChain received a $420,000 grant for working on the open-source software developer kit (SDK) for a non-custodial payment channel hub.

Other large grants went to Prototypal and Finality Labs for front-end state channel research and the development of forward-time locked contracts, respectively.

In the announcement, the Ethereum team has also expressed its gratitude to members of community, promising to increase their involvement in the network’s development:

“Thank you to all the fantastic community members that have applied with creative ideas on how to bolster our ecosystem. We would not exist without the time and energy that you put into Ethereum. While the program continues to grow, we will increasingly continue to involve more community members in the decision making process.”

In February 2018, six large-scale blockchain projects created the Ethereum Capital Fund. OmiseGo, Cosmos, Golem, Maker, Raiden, and Japanese venture capital firm Global Brain announced they would grant a cumulative $100 million to different projects that developed the Ethereum blockchain ecosystem. Buterin subsequently announced he would join project as an advisor.
Buterin himself also donates money to open-source projects building innovative technologies such as scaling solutions for the Ethereum Blockchain network. In September 2017, he announced that his advisor shares from OmiseGo and decentralized cryptocurrency exchange Kyber Network would be donated to charity or used to fund Ethereum second-layer infrastructure development.

Huobi Lists Four ‘Regulated’ Stablecoins Vying for Tether’s Crown

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Huobi Global is set to list four new stablecoins, namely Paxos Standard (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD), and USDCoin (USDC) later this week. In an announcement on its website, the cryptocurrency exchange revealed that the four new assets will go live on Oct. 19.

Huobi’s New Listings

PAX, a newly launched digital asset is dollar-pegged, issued by Paxos Trust, and regulated by the New York State Department of Financial Services. Participants are able to trade with USD-endorsed and USD-denominated assets under the supervision of the NYSDFS.

GUSD, which claims to be the worlds’ first regulated stablecoin, was issued recently by the Cameron and Tyler Winklevoss-owned Gemini exchange, also under NYDFS supervision. As with most other major fiat stablecoins, each GUSD token is backed by $1.00 in hard currency.

TUSD is a collateralized, dollar-backed stablecoin trusted by multiple banking partners, while Circle’s  USDC token allows eligible financial institutions join through its open membership, and it offers financial solutions that seek to resolve current crypto market problems.

Tether Faces More Competition

Huobi, the fourth-largest cryptocurrency trading platform, also hosts Tether’s USDT token (aka tether), which is also a U.S. dollar-pegged stablecoin. Tether, the token’s developers have claimed, is fully-backed by currency reserves, though it was trading 3.5 percent lower than its supposed value at $0.965 as recently as yesterday. It fell to around 93 cents at one point during the day but is now trading near $0.98.  Tether Limited, the company behind it, has been in the spotlight concerning its claim of holding enough USD reserves to back the tether tokens in circulation.

CCN reported recently that tether lost its USD peg in a flurry of market activity, falling as low as $0.85 on one exchange amidst sustained negative market sentiment toward the stablecoin lodestar. Though it still dominates a reported 98 percent of daily stablecoin trading volume, a series of new entrants into the stablecoin arena over the past few week have put pressure on market sentiment toward it.

Earlier, OKEx, another top major crypto exchange, announced the listing of USDC, GUSD, TUSD, and PAX as the four stablecoin upstarts prepare to do battle with USDT.

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Coinbase Launches Trading for First ERC-20 Token on Platform

San Francisco-based cryptocurrency exchange Coinbase has announced trading is now open for 0x (ZRX), making it the first ERC-20 token available for trade on the platform, according to a blog post published Oct. 16.

On Oct. 11, Coinbase launched support for ZRX on its professional platform, Coinbase Pro, although it stated that trading will only be allowed once sufficient liquidity is established.

Now, the exchange’s customers are able to buy, sell, receive, and store ZRX on Coinbase.com as well as its iOS and Android apps. Coinbase notes in the statement that ZRX will be available in most jurisdictions, but initially it will not be available for residents of the state of New York and the United Kingdom.

In July, Coinbase announced that it was considering the addition of ZRX to its platform, among four other tokens: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), and Zcash (ZEC).

Coinbase revealed its plans to add support for ERC-20 tokens in March. “After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC-20 asset added to GDAX to the Coinbase platform,” the exchange then stated.

At press time, ZRX is trading at around $0.83, up 17.38 percent over the last 24 hours, according to CoinMarketCap. The altcoin price rallied to $0.85 today following the Coinbase announcement. ZRX’s market capitalization is around $464 million, while its daily trading volume is around $46.5 million at press time.

Bitcoin Price Analysis: Bitcoin Consolidation Forecasts $3,500 Move

A strong round of buys hit the market this weekend as unsubstantiated rumors began to circle surrounding Tether and Bitfinex’s potential insolvency. I won’t be going into the details surrounding the allegations because, like I said, they are nothing more than unsubstantiated rumors. However, the effects of the rumors did not go unnoticed.

Tether, a stablecoin and dollar-backed token, began to stack up a sizable premium from its normal 1:1, dollar-to-tether market rate. This deviation in price began to run massive premiums between Bitfinex and other large crypto exchanges. At one point, the price of bitcoin on Bitfinex hit a high of $7,800 while barely breaking $6,700 on most other exchanges. At the time of this article, the premium, although still modest, has closed significantly. The trend difference between Bitfinex and other exchanges tells a very different story than those of Coinbase, Gemini and Bitstamp:

fig1Figure 1: BTC-USD, 12-Hour Candles, Bitfinex Premium and Break of Downtrend

One huge difference between Bitfinex and other exchanges is this clear and decisive break of the multi-month downtrend that has governed the market dynamic for the last 10 months. Currently, Bitfinex is consolidating outside this downtrend and saw the largest daily volume that its BTC-USD market has traded in over 6 months. However, if we take a look at Bitstamp, for example, we see a very different story:

fig2Figure 2: BTC-USD, Daily Candles, Bitstamp Price Trend

Although Bitstamp also saw a sizeable round of buying pressure, it wasn’t enough to crack the downtrend (shown in black). I’m not going to attempt to speculate on the potential outcome of this whole Tether/Bitfinex debacle, but judging strictly from price action, bitcoin is looking very consolidated and ready for a very large move.

The current consolidation pattern is called a descending triangle and has a measured move of approximately $3,500. Whether that $3,500 move is upward or downward remains to be seen, but one thing is certain: The market is very tightly wound and ready for a move:
fig3Figure 3: BTC-USD, Weekly Candles, Bollinger Bands

The weekly Bollinger Bands (bbands) have been consolidating since bitcoin topped at $20,000. If you are unfamiliar with bbands, you can think of them as an envelope of volatility: If the bands are expanding, they forecast a continuation of volatility, if they are contracting they forecast reduced volatility, and if they are squeezing (which is what we see right now) they forecast upcoming volatility.

Since the bear market began, bitcoin has been unable to break the midline of weekly bbands and volume has contracted. Currently, we are making a pivot for a fourth higher low as the volume and price volatility has continued its trend of consolidation. The first milestone, on a macro perspective, would be a break and close above the weekly bbands midline — which just so happens to also line up with the macro downtrend shown in Figure 2.

We have already wicked above the weekly midline, but the price is currently sitting just below the midline values. If we can manage to close the current candle above the midline, that would be a very bullish signal and will likely see the projected move of the descending triangle (shown in Figure 2) push the price to the low $10,000 range.

However, if we fail to break out upward we have an immediate support test in store in the low $6,000 range. This would mark our sixth test of this support — typically not a good sign as support tests tend to weaken with each test. If we break below support, I would fully expect to see, at minimum, a test of the macro 78% retracement shown in Figure 3 — the low $4,000 range. There is very strong support on these values which will likely stifle any significant round of selling. For now, we are basically in wait-and-see-mode until the bitcoin consolidation is broken.

Summary:

  1. Tether/Bitfinex insolvency rumors caused a massive tether premium to occur and, ultimately, resulted in a large price discrepancy across multiple exchanges.
  2. Currently, Bitfinex is sitting outside its macro downtrend while virtually every other exchange is sitting inside its downtrend.
  3. We are in the process of testing the weekly bbands midline and are currently rejecting the midline values. If we can manage to close the weekly candle above the midline, that would be a very bullish signal.
  4. Our currently consolidation pattern has a measured move of $3,500 and can break out in either the upward or downward direction. For now we are consolidating, so it’s very difficult to tell in which direction it will actually break out.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

Apple Pioneer Steve Wozniak Has Co-Founded a Blockchain Investment Firm

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Steve Wozniak, the tech entrepreneur best known as the co-founder of Apple, has joined EQUI Global, a venture capital fund built using blockchain technology, as a co-founder.

In a Medium post published by the company, Wozniak said that he will scout for technology companies to find the “tech stars” of the future. He also said that he receives innovative pitches regularly; however, this is the first time, after Apple, that he has agreed to join a company. Wozniak added that he believes technology has the power to modify and improve businesses. EQUI Global not only caught his attention but also convinced him that it would prove to be a “game changer.”

According to Wozniak, the team is observing 20 different companies ahead of its official launch. Once the companies are short-listed, they will be mentored by EQUI Global’s board of social entrepreneurs. “We are the teachers and I believe in that so strongly because Apple was strongly mentored. The enjoyment we had, the passion, starting the company, the excitement, it’s the most exciting thing,” said Wozniak.

Wozniak also praised EQUI Global’s co-founders, Baroness Michelle Mone and Douglas Barrowman, for their history in supporting blockchain technology. Last year, Mone and Barrowman announced the development of the $325 million Aston Plaza and Residences in Dubai under their private equity firm Aston Ventures. In February 2018, the couple sold 50 apartments to Bitcoin users successfully.

The couple then launched an ICO for EQUI Capital but managed to raise only $7 million as compared to the expected $80 million by the end of June 2018. The company then abandoned the ICO, changed the name to EQUI Global, and partnered with Apple’s co-founder.

Talking about the new addition to the team, Mone explained, “Woz [Wozniak] has always been my business icon and it’s a dream come true to be working with him at EQUI.”

The “open-ended” EQUI fund will focus on non-institutional investors and tech companies, with only 20% set aside for non-tech companies such as real estate and investment collectibles. Investors can buy EQUITokens in order to join the venture capital fund. They will have the freedom to sell these tokens on external cryptocurrency exchanges to liquidate their investments.

Wozniak said that he believes firms like EQUI will disrupt the VC industry and allow other companies to follow the new model based on blockchain technology.

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Toyota Uses Blockchain Tech to Reduce Fraud in Digital Advertising Campaigns

Japanese car manufacturer Toyota has partnered with blockchain advertising analytics firm Lucidity to cut down on fraud when buying digital ads, according to a press release published Oct. 16.

Formerly known as KR8OS, Lucidity was founded in 2017 in Los Angeles and offers an Ethereum blockchain solution to track supply chain payments, so advertisers can monitor how their funds are allocated.

Through the new partnership with Lucidity, Toyota and global ads agency Saatchi & Saatchi are reportedly looking to attain transparency in Toyota’s digital ad campaign buys and eliminate wasted spending. The size of the automotive digital advertising market was estimated at nearly $15 billion in the U.S. in 2018.

Nancy Inouye, Media Director at Toyota Motor North America, reportedly told advertising trade publication AdAge that the campaign with Lucidity resulted in a 21 percent upstick in visits to Toyota’s website. As reported, Lucidity was able to flag sites and apps with a high level of impression and click discrepancy — which indicates fraud or bot infiltration — to move funds to sites with higher performance.

Inouye reportedly said that Toyota “wanted to go deeper into the programmatic space in particular because it is an area [where] quite frankly, we don’t have transparency and visibility.” According to AdAge, the company now plans to extend its deal with Lucidity beyond the originally planned three-week test. Inouye added:

“We are in discussions to take it to the next step and [test] further with additional campaigns for a longer period of time. We feel that if we go longer we would see stronger results.”

Tom Scott, Media Director at Saatchi & Saatchi, stated that “even with high standards of anti-fraud and viewability filters already built in, Lucidity was able to deliver significant value-add by further optimizing the campaign.” He added:

“The ability to have access to a transparent, clean set of data from across the programmatic supply chain is game-changing. We’re empowered to take action, and this is the first time we’ve been able to use blockchain technology to eliminate waste and optimize our ad buy in this way.”

Blockchain has been actively deployed within the media industry to address transparency issues like fake traffic counts, bot clicks and domain spoofing, as well as audit ad transactions. In June, global ad software giant Mediaocean partnered with IBM to use blockchain to bring transparency to the “entire lifecycle of an advertiser’s media dollar flow.”

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance.

Amidst news of listings on Huobi and OKEx, two of the industry’s largest exchanges, TrueUSD (TUSD), Gemini USD (GUSD), the Paxos Standard (PAX) and Circle’s USD Coin (USDC) have all risen well above their pegs. Following the fiat-collateralized model pioneered by Tether (USDT), these stablecoins are meant to retain a stable $1 value, keeping their peg by backing each on-chain token with a dollar in their bank accounts.

On October 15, 2018, OKEx announced its immediate support of the four previously mentioned stablecoins, putting them in the company of tether, previously the platform’s only stable asset. Huobi, which also supports tether, followed suit the next day, announcing that it would open deposits for the four on October 19, 2018, with trading support to be announced at a later date.

On the same day as its OKEx listing, TUSD, the oldest and most established of the newcomers, rose to a high of $1.10. Settling down a bit, the coin has fallen since, but, at $1.03, it hasn’t completely stabilized.

Currently trading at $1.02, PAX mimicked TUSD’s price movements down to the cent, jumping to $1.10 on October 15, as well. USDC climbed higher at $1.11 on the same day before coming back down to $1.02.

Gemini exchange’s GUSD, though, had the worst go of it. During the OKEx listing, the coin rose 14 percent above its peg to $1.14. But it even trumped this price rise a day later when it jumped to $1.20 on October 16, 2018, following news of its forthcoming Huobi listing.

These new exchange listings and the subsequent price rises of the assets in question point to the market’s swelling demand for stablecoins, a story their issuance and circulation data makes clear. For example, since it was first listed on CoinMarketCap, TUSD’s market cap and circulating supply has grown 23 fold from $6.4 million to over $139 million. Coming to market roughly half a year after TUSD, PAX is catching up to tether’s number one competitor, minting just over $50 million worth of tokens in the month following its launch.

The Tether Effect

These price rises appear to have been isolated incidents involving only those fiat-collateralized stablecoins that are experiencing new exchange listings. Crypto-collateralized coins like MakerDAO’s Dai (DAI) and Bitshare’s BitUSD (BITUSD) did not experience the same upward price action.

This isn’t surprising given that each of the four coins were in the limelight for their integrations into two of the industry’s biggest exchanges. But the market’s leading stablecoin’s own stability woes might have a hand in the four’s price leaps.

In the early morning of October 15, a market-wide sell-off sent tether’s peg downward, driving prices to an average low of $0.92 on CoinMarketCap. It continued to trade well below its peg for the remainder of the day, and, on Bittrex, it even bottomed out to $0.90 against its USD pair.

Its peg disrupted, tether’s discounted price distorted prices across the market, as bitcoin began trading at a premium on exchanges that use USDT as a dollar denominated trading standard. Calling it a premium, though, is somewhat misleading, as bitcoin’s actual USD rate was a few hundred dollars lower than its rate against tether. In other words, the demand that was driving bitcoin’s price rise against tether would not hold its value when trading for hard cash, indicating that, instead of bitcoin trading at a more valuable position, tether was actually trading at a less valuable position.

The same effect, in part, could be at play with these four stablecoins’ appreciations. TUSD, for example, has pairs with USDT across multiple exchanges, including Binance and Bittrex, and USDT’s depreciating value could have buttressed TUSD’s own in these markets. PAX has a significant number of USDT pairings too, the largest market coming from Binance. GUSD has a single USDT trading pair on Bibox, though the volume on this pair is too negligible to effect its market averaged rate. USDC features a single trading pair with ether on Poloniex, its native exchange.

Given that Gemini saw the most violent upswing of the four and its USDT pair only accounts for a fraction of its 24-hour volume, tether’s influence could very likely be minimal. In addition, the ripple effect of tether’s distortion of bitcoin and ethereum prices — the two coins most often traded against stable assets — could be a contributing factor, as well.

At any rate, the broken pegs and contingent exchange listings indicate a rising demand for new stable assets. With roughly $600 million shaved off from its market cap during its price drop, the market-wide tether sell-off reveals that the market’s appetite for alternatives is growing. In the case of TUSD, GUSD, PAX and USDC, these alternatives offer more transparency and regulatory protections in areas where Tether has failed to deliver, and the drama that has punctuated the last two days in the market could foreshadow Tether’s waning industry dominance as competitors continue to encroach on its market share.