Tether (USDT) Trading Strong after Huobi Announcement
Huobi Global announced on Monday that it would be launching a futures product that is USDT-margined. The Huobi Group operates a trading platform known as Huobi Futures that will utilize USDT in a twofold way for its new product. Tether (USDT) will function as the margin and as a means of determining profit.
How Tether Is Performing on the Market
Tether is trading at $0.9998 (USDT/USD) today, a drop of 0.09%. The stablecoin saw a high of $1.002 yesterday and a low of $0.9986. Its trade volume is over $63 billion, which is down just 5.30% over the last 24 hours. That is not a significant drop and well within the expected daily fluctuations, so the digital asset is still considered to be trading strongly.
Tether’s trade volume drop is a bit higher than the top cryptocurrencies, including Bitcoin (BTC)- 2.90% and Ethereum (ETH)- 2.70%. Compared to other stablecoins, however, Tether’s trade volume change stacks up a bit differently. Wrapped Bitcoin (WBTC) is trading 2.86% higher than yesterday, but USD Coin (USDC) is trading at a 12.66% deficit. Similarly, Binance (BNB) is down 10.54%, and Dai (DAI) is down a whopping 31.80%.
Tether and the Future
Tether could be dealing with some major new competition in the near future. According to remarks from top US lawmakers, Congress is looking into possible regulations for tokens and the crypto market as a whole. Stablecoins will likely be the starting point for those regulations, whatever they may be, according to one US House of Representatives member.
At the moment, Tether is holding on strong to its top stablecoin ranking and a #4 position among all cryptocurrencies. By trading strongly and enjoying new life on the Huobi platform, we don’t think it will be dethroned anytime soon, but of course, new regulations could drastically affect this stablecoin and how it is traded. Investors should be looking out for any news regarding stablecoin legislation and be wary of how that might affect trading this digital asset.
Tether remains tied to the US dollar at a one-to-one ratio that makes it a very reliable token. Even as the rest of the market fluctuates drastically between highs and lows, stablecoins like Tether can remain fairly constant, with only micromovements to consider.
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