{"id":6640,"date":"2021-10-11T09:26:01","date_gmt":"2021-10-11T09:26:01","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6640"},"modified":"2021-10-27T11:36:04","modified_gmt":"2021-10-27T11:36:04","slug":"tether-dominates-bitcoin-trading","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/10\/11\/tether-dominates-bitcoin-trading\/","title":{"rendered":"Tether dominates bitcoin trading"},"content":{"rendered":"

How much bitcoin trading takes place in ‘real money’? Not much. Most is hermetically sealed within the crypto ecosystem.<\/p>\n

Over two thirds of all bitcoin trading activity takes place in the controversial stablecoin tether, according to new data published by Paris-based digital assets data firm Kaiko.<\/p>\n

According to Kaiko, 70 percent of bitcoin trading activity during the last three months was denominated in tether, with other stablecoins (primarily the dollar-denominated BUSD, FTXUSD and USDC) representing an additional 13 percent of overall bitcoin volumes.<\/p>\n

BUSD is the native dollar stablecoin of cryptocurrency exchange Binance, FTXUSD is the stablecoin of exchange FTX and USDC is issued by a consortium including crypto exchange Coinbase and payments firm Circle.<\/p>\n

In recent weeks, according to Coinmarketcap, bitcoin has traded around $30-40bn a day in total. Although the digital token\u2019s price has recovered sharply from a low reached in July, trading volumes are still subdued compared to the first half of the year, when they regularly approached $100bn a day.<\/p>\n

Only 8 percent of bitcoin trading takes place against the US dollar directly, Kaiko says. Amongst other fiat currencies, 3 percent of bitcoin trading is denominated in Korean won and 2 percent in the euro, the data firm reports.<\/p>\n

\"\"<\/p>\n

Tether, which promises that its stablecoin tokens will trade at a $1 market value, has long been a focus of controversy.<\/p>\n

The stablecoin issuer was sued in 2019 by the New York Attorney General<\/a>, who alleged that Tether and its affiliate, cryptocurrency exchange Bitfinex, had colluded to cover up a loss of up to $850m of client funds.<\/p>\n

Tether has long been a focus of controversy<\/p><\/blockquote>\n

While Tether settled the case earlier this year<\/a>, questions about the stablecoin\u2019s reserve backing have continued to circulate, even as Tether has continued to grow.<\/p>\n

The stablecoin has shot up in size since March last year, increasing its assets from $3bn to over $69bn.<\/p>\n

In its latest attestation<\/a>, published on June 30 (when its assets were $63bn), Tether said its reserves consisted of $31bn in commercial paper and certificates of deposit, $6bn in cash and bank deposits, $1bn in reverse repo notes, $15bn in treasury bills, $2.5bn in secured loans, $5bn in corporate bonds and $2bn in other investments.<\/p>\n

Tether has so far refused to publish a full breakdown of its reserve assets.<\/p>\n

However, last week Bloomberg reported<\/a> that part of Tether\u2019s reserves consists of billions of dollars of short-term loans to large Chinese companies.<\/p>\n

While Tether has denied holding any debt of Evergrande, the embattled Chinese property developer whose debt price has collapsed in recent weeks<\/a>, Stuart Hoegner, Tether\u2019s lawyer, declined to answer a question from Bloomberg on whether Tether holds other Chinese commercial paper.<\/p>\n

Bloomberg also said that Tether had made loans worth billions of dollars to other cryptocurrency companies, receiving bitcoin as collateral.<\/p>\n

For example, the CEO of Celsius Network, a cryptocurrency lending platform, told Bloomberg his firm pays Tether interest rates of 5 to 6 percent a year on loans of about 1 billion tethers.<\/p>\n

\u201c[This] is far more than what traditional financial institutions like banks offer on fiat currencies like USD\u201d<\/p><\/blockquote>\n

Lending platforms like Celsius are able to pay such interest rates because tethers can be lent out at even higher interest rates to other cryptocurrency market intermediaries.<\/p>\n

For example, Bitcompare, a site comparing the rates on cryptocurrency loans and savings accounts, currently advertises yields of up to 13 percent on deposits of tether tokens<\/a>.<\/p>\n

\u201c[This] is far more than what traditional financial institutions like banks offer on fiat currencies like USD,\u201d Bitcompare says on its site.<\/p>\n

For its part, Celsius makes it clear that anyone lending it bitcoin or other cryptocurrency is giving up ownership in return for a promise of yield.<\/p>\n

“All digital assets transferred to Celsius are owned and held by Celsius for its own account,\u201d the firm says in its terms and conditions.<\/p>\n

Other operators of stablecoins have moved this year to limit their exposure to credit risks.<\/p>\n

In August, Circle and Coinbase, which are part of a consortium issuing the $32bn stablecoin USDC,\u00a0said they were shifting all the stablecoin\u2019s reserves into cash and short-term US government bonds<\/a>, foregoing riskier investments.<\/p>\n

A month earlier, Circle had said that USDC\u2019s reserves, like those of Tether, had included corporate bonds and commercial paper.<\/p>\n

Last week Circle disclosed<\/a> that it was under investigation by the US securities market regulator, without saying why.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from\u00a0New Money Review<\/em><\/span><\/p>\n

Global regulators close in on tether<\/a><\/p>\n

Digital currency – a central banker’s view<\/a><\/p>\n

A new age of private money<\/a><\/p>\n

Keeping money public<\/a><\/p>\n

Breaking the buck<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How much bitcoin trading takes place in ‘real money’? Not much. Most is hermetically sealed within the crypto ecosystem. 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