Tether (USDT) Up after Showing Support for Ethereum   - Forex News by FX Leaders
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Tether (USDT) Up after Showing Support for Ethereum  

Posted Thursday, August 11, 2022 by
Timothy St. John • 2 min read

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.

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