The second-largest South Korean exchange, Bithumb, has announced the integration of the Tether (USDT) stablecoin, based on the TRC-20 standard. The platform's management has decided to pair it with the Korean Won (KRW). In most local cryptocurrency exchanges, cryptocurrencies are traded in the national currency or Bitcoins (BTC). Currently, the largest exchange in the country, Upbit, does not have a USD-denominated stablecoin.
Bithumb's press service emphasized that deposits can only be made through the TRON (TRC-20) network, and deposits in other blockchains are not supported. The initial standard price of USDT is set at 1316 KRW.
Tether (USDT) is a blockchain platform created to simplify the use of fiat money in digital form. This stablecoin is pegged to the US Dollar (USD) and aims to maintain a 1:1 ratio.
To achieve this goal, the issuing company, Tether Limited, holds reserves in various assets, including cash, bonds, and Bitcoins (BTC). USDT was first issued in 2014 and is currently the third-largest digital currency by market capitalization, trailing only Bitcoin and Ethereum. This virtual currency operates on 14 different blockchain platforms and is used as a means of exchange and payment when trading other cryptocurrencies.
As for the cryptocurrency Bitcoin, its price has fallen by 2.15% in the last 24 hours. Currently, you can buy the digital coin BTC at a price of $43,215. The market capitalization of Bitcoin stands at $845.56 billion, with a daily trading volume of $28.41 billion. The fear and greed index has decreased to 81, and Bitcoin's market dominance is 53.6%.
