Exchanges

Tether perpetual contracts listed on ByBit and KuMEX

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.”

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”.

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

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