⚡Crypto Alert : Start Trading Cryptos with 0 Fees - Click Here

Tether (USDT) Up after Showing Support for Ethereum  

Ethereum is getting ready to upgrade with a proof-of-stake mechanic that will drastically alter its blockchain workings. This upgrade is being called Merge, and Tether (USDT) is throwing its substantial support behind the change.

USDT/USD

Tether Gains Investor Interest

We recently reported that Tether had lost a lot of investors, as people had taken out $7 billion in Tether holdings. It looks like some of the consumer confidence has been restored, though, as Tether has been doing fairly well recently and today is experiencing a 17% trade volume increase.

The current trade volume for Tether over the last 24 hours is $65 billion. That makes $7 billion not look like very much.

The Tether rate is staying stable, right at the $1.00 (USDT/USD) mark, with little deviation over the last few weeks.

Even though there was some worry that Tether would lose its place among the top ranking cryptos and follow other stablecoins to its demise, that didn’t happen at all. Tether is still strong and is now showing support for the Merge that Ethereum is planning.

What to Know about Merge

Tether is the second major stablecoin giving its approval and support to Ethereum, following after USD Coin (USDC) publicly stated they would be supporting only Ethereum moving forward.

Tether called the Merge incredibly important for the industry, going so far as to say it was one of the “most significant moments in blockchain history”. That upgrade is expected to happen on September 19th.

Tether’s support of the Merge is designed to help the transition happen smoothly, as there is fear that a rocky switching over of the blockchain’s mechanism will cause chaos in the industry.

With major backers on Ethereum’s side for this, it looks like everything is set to go smoothly as the transition happens. We will have to wait and see who else pledges support leading up to the imminent shift.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
Related Articles
🔒 OPEN A TRADING ACCOUNT