Ethereum Co-Founder Predicts Tether-Bitfinex’s Big Mess Led Other Stablecoins Thrive

By Tabassum
Published May 10, 2019 Updated May 10, 2019
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Ethereum Co-Founder Predicts Tether-Bitfinex’s Big Mess Led Other Stablecoins Thrive

By Tabassum
Published May 10, 2019 Updated May 10, 2019

Bitfinex and Tether debate isn’t over yet – one such recent comment can be seen by Joseph Lubin, founder of blockchain tech company ConsenSys.

Bloomberg reported on May 09, 2019 that Mr.Lubin at the Fluidity Summit Conference in Brooklyn, New York says that ‘Bitfinex and Tether’ topic is like a really big mess. Beside Ethereum co-founder, Mr.Lubin is the founder of ConsenSys, a crypto-based software company. According to Lubin, the mess wouldn’t get better – as Coingape reported $850 million frozen USDT from Tether reserve and the NY’s attorney’s allegation that indicates Tether isn’t fully backed by USDT.

Following the similar note, Mr.Lubin states;

“Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading. There are other price-stable tokens out there — many others — and I think they’re going to gain traction because of this. I think that will be a really good thing.”

The whole mess possibility drives the growth in other stablecoins according to Lubin. He presumes other new/existing stablecoins out there in the market will get good exposure from USDT’s ongoing debate of missing the taste of stablecoin. He adds;

“There are other price-stable tokens out there — many others — and I think they’re going to gain traction because of this. I think that will be a really good thing.”

To remind, stablecoins from big players like USD Coin [USDC] from Coinbase and Gemini Dollar’ [GUSD] from Gemini Exchange are striving to perform a lot better than Tether [USDT]. Nevertheless, Gemini exchange is already stepping higher as it has recently partnered with Harbor, a digital securities platform for tokenized securities offerings.

Beside Tether-Bitfinex turmoil, Mr.Lubin also focused on the price aspects revolves around cryptocurrencies. He says that ‘all prices on the planet are being manipulated, adding that;

Any time that well-resourced actors can get in there and do something, you have to expect them to do that. So we need to build better systems.”

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Tabassum
562 Articles
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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