Tether Gaining Popularity with Gambling Sites and Pot Shops

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Stablecoin Tether, which has been at the center of an ongoing controversy involving Bitfinex and market manipulation, has been gaining popularity with gambling websites and marijuana shops.

According to a report by Bloomberg on Oct. 25, Tether’s USDT has been gaining substantial ground in the world of transactions. Crypto payment processor CoinPayments.net says that USDT accounts for 30% of its volume, up more than 3000% from a year ago.

Ievgen Iugrinov, product manager at Moscow-based B2BinPay, told Bloomberg USDT-based transactions have grown to 20% of the company’s total volume, doubling since 2018.

While Tether has created controversy over its exact value-backing, the USDT coin is supposed to be pegged 1:1 with the US dollar, thereby giving customers and merchants a stable asset for transactions.

Sean Mackay, operations lead at CoinPayments, explained the appeal of USDT… Read More

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