BTC/USD Rockets to Highest Print Since June: Sally Ho's Technical Analysis 27 July 2020 BTC

19d
cryptodaily

Exploring Decentraland: A Review of the Virtual World Built on Ethereum

19d
thebitcoinnews

J. A. McDonald: The Longest Running Case of Mass Hysteria

19d
thebitcoinnews

Popular Indian Youtube Channel Hacked to Promote Bitcoin Giveaway Scam

19d
thebitcoinnews

Tips on How to Minimize the Risks When Trading Cryptocurrencies

19d
thebitcoinnews

Analyst Who Predicted Bitcoin’s V-Shaped Reversal Expects Rally to $17k

19d
bitcoinist

Charles Edwards: BTC Could Shoot Up with Banks’ Help

19d
livebitcoinnews

These 3 Metrics Suggest Bitcoin Is Building Up Bullish Momentum

19d
bitcoinist

Are Institutional Investors Not Buying Bitcoin Anymore?

19d
coininsider

Visa Moving to Integrate With Digital Currency Platforms

19d
thebitcoinnews

Bakkt Hasn’t Experienced Any BTC Options Trading Since Mid-June

19d
livebitcoinnews

XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

19d
bitcoinist

Bitcoin Is Readying for “Big Move,” Says Fund Manager Who Predicts $50k BTC

19d
bitcoinist

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

19d
thebitcoinnews

ETH/USD Launches to Highest Print Since July 2019: Sally Ho's Technical Analysis 26 July 2020 ETH

19d
cryptodaily

After Surging 25% in 5 Days, Ethereum Forms Sign Last Seen Before March Dump

19d
bitcoinist

Visa Claims It Will Support More Stable Currencies in the Future

19d
livebitcoinnews

Analyst Who Predicted BItcoin’s 2018 Bottom Thinks $10k Is Imminent

19d
bitcoinist

Adam Back & Satoshi Nakamoto: friends or strangers?

19d
cryptodaily

Bitcoin Falls Back Into The $9K Zone After Its Brief $10K Breach

19d
coingape

Bitcoin and Ethereum Surge to New Highs, Gold Almost at All-Time High

19d
cryptoglobe

After Surging 15% in 5 Days, XRP Prints Textbook Sell Signal

19d
thebitcoinnews

Bitcoin SV Is Stuck Below $200, May Resume Upside Range Correction

19d
coinidol

Here’s Why Bitcoin is Poised to Hit $11,500 Following Overnight Rally

19d
bitcoinist

Former CFTC commissioner believes the US should bring in outside stakeholders for a CBDC to bring in a new perspective

19d
cryptodaily


The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network

The most popular stablecoin tether (USDT) has officially been minted on the Bitcoin Cash blockchain via the Simple Ledger Protocol (SLP). At press time there’s only 1,010 SLP-based USDT in circulation, as the firm Tether Limited seems to be issuing small amounts and testing the SLP framework.

Tether (USDT) is the king of stablecoins in the crypto economy and according to the company’s transparency page, there are more than $9.8 billion tethers in existence.

The stablecoin is a token that is also hosted on a number of blockchains including the Ethereum network, Omni Layer, Algorand, Tron, Liquid, and the EOS chain. Not too long ago, news.Bitcoin.com revealed that tether (USDT) was migrating some coins over to the Bitcoin Cash (BCH) blockchain via the Simple Ledger Protocol.

Tether Limited’s transparency page now shows that the company has been minting and testing the SLP framework. The data website simpleledger.info shows that the Tether team has officially minted 3,027 USDTs so far on the BCH chain.

However, 2,017 SLP-based USDT tokens have been burned, which only leaves 1,010 SLP-based USDT in circulation at the time of publication. A thousand dollars worth of stablecoins is not much, but Bitcoin Cash proponents believe that the company is simply trialing the SLP infrastructure.

Simpleledger.info also shows that the baton is “alive,” which means USDTs can be minted at any time. The genesis of the SLP-based USDT shows that the tokens were born on May 25, 2020. Searching the term “tether” in the simpleledger.info database also shows there is a number of phony ‘tethers’ people have created since the SLP network came out.

The official USDT token ID is shown at Tether Limited’s official website, alongside the balances of tether on other blockchains. There’s been a total of 50 SLP-based USDT transactions so far on the Bitcoin Cash blockchain.

The SLP-based USDT rich list shows that this address has the most stablecoins with a balance of 874.14 USDT at the time of publication. The rest of the coins in circulation are spread out through a number of different addresses.

The largest amount of USDTs on any blockchain is held on ETH with $6 billion in ERC20-based tethers to-date. Of course, Bitcoin Cash fans were both pleased and skeptical about the appearance of USDTs on BCH.

On the subreddit r/btc, BCH fans discussed the recently issued SLP-based USDT on the forum. On July 7, Sideshift.ai announced that the Bitcoin Cash version of USDT is now live on the swapping platform.

BCH proponents also discussed holding USDTs on the Bitcoin.com Wallet thanks to the recently added asset breakdown and stablecoin features. On Twitter, the Sideshift team wrote: “Be one of the first humans to shift USDT on SLP.”

What do you think about tether (USDT) being minted on the Bitcoin Cash chain? Let us know what you think in the comments section below.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments