On July 30th, the “USDT Hearing”, which received much attention, came to an end. Regarding whether Bitfinex, Tether and the parent company iFinex illegally issued USDT, the USDT has had a heated debate with the New York prosecutors.
Considering that USDT is an important bridge connecting French and cryptocurrencies, the “USDT Hearing” has attracted the attention of countless people. Earlier comments said that the USDT hearing may cause the cryptocurrency such as Bitcoin to change. In October 2018, the USDT was used by the crash rumors, and retail investors sold the USDT madly and snapped up mainstream currencies such as bitcoin. As a result, the cryptocurrency market changed rapidly and briefly, the USDT price plummeted, the mainstream currency collectively rose, and the bitcoin amplitude was as high as 20%.
It is worth noting that: Bitfinex defense lawyers say that Tether is neither a security nor a commodity, nor a currency, and the New York prosecutor has no jurisdiction. NYAG said there was no jurisdictional dispute over the Bitfinex survey. Although Tether did not serve New York customers, its executives opened an account in New York to trade with Tether and Bitcoin.
According to DAppTotal's "DeFi Industry Research Report for the First Half of 2019", the total circulation of the stable currency market was US$4.57 billion as of June 30, 2019, of which USDT was US$3.68 billion, accounting for 80.6% of the market. Among them, the USDT based on the OMNI network accounted for 71.8%, the USDT based on the ERC20 Ethereum network accounted for 27.1%, and the USDT based on the TRC20 wave field network accounted for 1%.
According to TrustnodesTether, USDT's market capitalization exceeded $4 billion, the highest level since its launch in 2015. In just a few weeks, the dollar-stabilized stable currency soared from $2.8 billion on May 16 to $4 billion, mainly due to the recent large-scale issuance based on the Ethereum ERC-20 token.
As USDT has been in the issuance status, market share and usage have been rising. Especially on the major exchanges, basically the usdt transaction pair is opened. In the cryptocurrency, the USDT is the most widely accepted stable currency, just like the position of the US dollar in the world currency, although only for a short period of four years, The USDT has already taken up the largest share of the encrypted digital stable currency market.
It is well known that USDT is a digital currency linked to legal tender issued by Tether and can be issued based on the Omni Agreement, TRC-20 or ERC. Stabilized currency Tether (USDT) is one of the main channels for converting legal tender into cryptocurrency!
If the stable currency that has the largest market share is engaged in the business, the consequences may be unimaginable, but the "Sar operation thunder" of the gas is indeed in the heart! The current digital currency market is changing rapidly. The surge is the norm, but the USDT is not completely controlled by the market. Its supply is controlled by Tether. When there is an imbalance between supply and demand, the price of USDT will also change.
However, it seems that the impact of this hearing on the entire digital currency market is still relatively small, but it is still unknown where the future will go!