Binance Research, the research wing of the largest and most reputed cryptocurrency exchange in the world claims in its recent study that Tether (USDT) takes the top place on the list of institutional usage, despite the tokens ongoing backing irregularities
While the foremost cryptocurrency Bitcoin is on a high ride, with its recent price surge, it is Tether that takes the center stage when it comes to institutional investors. Binance Research questioned institutional and VIP clients in May 2019 in order to understand their thought process over the usage, or lack thereof, on the stablecoin market.
USDT has managed to spark a trend in its market capitalization, even though the stablecoin is surrounded by a slew of controversies. Notably, the said controversies do not hinder the interest of institutional investors that USDT is receiving.
Before we go ahead to list the findings of the study, it is important to note that amidst the clients who participated in the poll, 90 % stated that they employ USD as their “benchmark currency.” Thus giving USD denominated stablecoins and USD-denominated platforms a natural edge.
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