Over the past month, some major stablecoins completely lost their peg with the U.S. Dollar, raising concerns amongst investors about their safety. Stablecoins are designed to always remain tied one-to-one to the U.S. Dollar, marketing them as relatively safe assets in an otherwise highly volatile cryptocurrency market. However, a number of prominent stablecoins have fallen like dominoes, either due to failures in their algorithmic mechanism or simply not having the sufficient reserves to maintain its peg.
Two prominent coins, TerraUSD and Tether (USDT), sparked a meltdown in the cryptocurrency markets last month after both coins slipped away from their Dollar peg. The former saw its value collapse to zero over the course of a few days, while the latter dropped below parity.
With mounting negative press around transparency in the crypto markets, MultiBank.io finds it necessary to report these cases and educate investors on the areas of poor industry practice. Stablecoins were once considered the safe-haven assets of crypto, but the paradigm around these assets is shifting. Issues around trust and transparency are also contributing to this. For example, Tether (USDT) has been widely criticized for lacking transparency over its holdings. The group was fined $41 million by the U.S. Commodity Futures Trading Commission in 2021 over misleading reports about its stated reserves.
For years, Tether assured investors and the broader cryptocurrency market that it had $1 in reserve to back every USDT token. That claim was wildly misleading, according to a statement from the Commodity Futures Trading Commission.
In contrast, security and transparency are things that MultiBank Group takes seriously. With the inbound launch of its innovative cryptocurrency exchange – MultiBank io – the group aims to change the perception of the industry, taking action to make the market a safer place for investors, both new and experienced.
The platform is designed to protect investors’ funds and provide a secure, transparent trading platform for its users. The company is adamant when it comes to providing the highest levels of security. For example, separated client accounts and the use of tier 1 banks are just some examples of the Groups commitment to client safety and security.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||75.6%||41||$24 144.59||4.81%||3.87%||$461 543 407 981|
|2||ETH||Ethereum predictions||65.6%||74||$1 782.89||5.48%||6.95%||$217 296 985 720|
|3||USDT||Tether predictions||96%||1||$1.000147||0%||-0.01%||$66 486 278 111|
|4||USDC||USD Coin predictions||92.4%||1||$0.999830||0%||-0.01%||$54 200 367 960|
|5||BNB||Binance Coin predictions||72.4%||61||$330.09||4.75%||15.36%||$53 255 098 429|
|6||XRP||XRP predictions||79.6%||40||$0.382895||2.83%||1.31%||$18 510 341 096|
|7||ADA||Cardano predictions||74.8%||52||$0.546286||5.64%||6.69%||$18 431 164 380|
|8||BUSD||Binance USD predictions||95.2%||1||$1.000391||0.04%||-0.02%||$17 884 912 619|
|9||SOL||Solana predictions||74.8%||44||$43.33||8.04%||2.70%||$15 091 398 958|
|10||DOT||Polkadot predictions||69.2%||58||$9.33||9.56%||10.00%||$10 306 573 155|
|11||STETH||Lido stETH predictions||92.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||DOGE||Dogecoin predictions||84%||27||$0.071001||3.12%||3.59%||$9 419 793 480|
|13||HEX||HEX predictions||70%||62||$0.054298||8.25%||10.52%||$9 415 859 203|
|14||AVAX||Avalanche predictions||69.2%||69||$29.69||12.41%||26.57%||$8 446 616 605|
|15||MATIC||Polygon predictions||64%||77||$0.946739||4.21%||4.32%||$7 606 860 763|
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