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Cryptocurrency News Articles
Tether May Issue Bitcoin (BTC)-Backed Stablecoin in the Future: Willy Woo
Jun 19, 2024 at 02:07 pm
Renowned cryptocurrency analyst Willy Woo has hinted at the possibility of a Bitcoin (CRYPTO: BTC)-backed stablecoin from Tether (CRYPTO: USDT) in the future.
Renowned cryptocurrency analyst Willy Woo has hinted at the possibility of a Bitcoin (CRYPTO: BTC)-backed stablecoin from Tether (CRYPTO: USDT) in the future.
What Happened: In a post on Tuesday, Woo praised Tether, the company behind the world’s biggest stablecoin by market cap, for their innovative business idea of issuing a stablecoin over collateralized with gold.
In fact, Woo went one step further and forecasted that the firm might even launch a stablecoin backed by Bitcoin in the future. “Given Tether is building a sizeable BTC treasury, I would not be surprised in a future where they issue bUSDT, backed by Bitcoin,” Woo wrote.
A genius business idea by Tether.
Instead of issuing USDT and earning the T-Bills yield, the company can issue aUSDT earning the gain on gold.
Over the long term Gold gets 8%, compared to T-Bills at 0-5%. https://t.co/ZBCjnK05Ja
— Willy Woo (@woonomic) June 18, 2024
Woo admitted that such an initiative will be unviable in the present due to bear market-induced downturns, but hoped that future cycles, when Bitcoin will have a much bigger market cap and less volatility, can make it possible.
Why It Matters: Tether’s latest move to launch a gold-backed stablecoin represents a significant shift in the company’s strategy.
Traditionally, Tether’s USDT stablecoin has been backed by cash and cash equivalents. However, the new offering allows for the creation of tokens using Tether Gold (CRYPTO: XAUt) as collateral, a tokenized version of gold.
Woo’s suggestion of a Bitcoin-backed stablecoin indicates a potential future direction for Tether. However, one must not lose sight of dangers of backing a stable with a volatile assets like cryptocurrencies, the ugliest manifestation of which came during the stunning collapse of stablecoin TerraUSD (CRYPTO: UST) and its reserve cryptocurrency Terra (CRYPTO: LUNA).
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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