Bitfinex-owned stablecoin Tether now has futures contracts listed on derivative exchanges ByBit and KuMex.
In spite of recent controversy Tether has established itself as the largest stablecoin by market cap, commanding a capitalisation of $4.6 billion to become fourth on the list of top cryptocurrencies.
The stablecoin’s perpetual contacts allows traders to hedge their bets by holding long and short positions simultaneously.
“I’m delighted to see that USDt is once again the trusted choice of the growing derivatives industry,” said Paolo Ardoino, CTO at Tether. “Bitfinex, OKEx and other major exchanges have already launched derivatives products that use Tether USDt for collateral and settlements. We see more exchanges are following month after month.”
The USDT-Margined Bitcoin Perpetual Contract is now available on KuMEX! Each contract is valued at 0.001 BTC and the maximum leverage offered is up to 100x.
Beginner’s guide ⬇️https://t.co/oQZbBX9u2Y
See the official announcement ⬇️https://t.co/kCDVqaW1BH pic.twitter.com/TSryZ1uXJz
— KuCoin Futures ⚡️ (@KuCoinFutures) March 30, 2020
Tether is a key part of the cryptocurrency ecosystem as it allows traders to hold an effective cash position during volatile market moves.
The stablecoin works with Algorand, Ethereum, EOS, Liquid Network, Omni and Tron.
However, while Tether has certainly made a lot of progress over the years it hasn’t been without scrutiny, with a Paradise Papers lawsuit alleging that Bitfinex and Tether manipulated the cryptocurrency market in 2017.
It had to deal with another lawsuit on the topic of manipulation in November, although Bitfinex were quick to reply and dismiss the lawsuit as being “baseless”.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.