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||71.6%||54||$28 321.68||2.28%||8.48%||$547 363 076 214|
|2||ETH||Ethereum predictions||78.8%||39||$1 817.69||3.62%||5.68%||$222 437 708 965|
|3||USDT||Tether predictions||90.8%||1||$1.001105||-0.07%||-0.18%||$78 572 798 041|
|4||BNB||Binance Coin predictions||70.8%||51||$325.66||0.31%||-1.61%||$51 419 192 454|
|5||USDC||USD Coin predictions||92%||2||$0.999778||0.08%||-0.02%||$34 416 346 579|
|6||XRP||XRP predictions||84.4%||21||$0.434678||-3.53%||17.51%||$22 147 264 021|
|7||HEX||HEX predictions||62%||82||$0.111054||-9.71%||27.40%||$19 257 973 692|
|8||ADA||Cardano predictions||74.8%||44||$0.367937||-0.76%||10.36%||$12 775 060 278|
|9||STETH||Lido stETH predictions||90.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|10||DOGE||Dogecoin predictions||73.2%||51||$0.076721||1.67%||2.49%||$10 178 610 379|
|11||MATIC||Polygon predictions||76.8%||47||$1.15||2.04%||-3.24%||$10 016 033 654|
|12||SOL||Solana predictions||72%||52||$22.02||1.29%||9.81%||$8 449 847 577|
|13||BUSD||Binance USD predictions||93.2%||1||$0.999969||0.04%||-0.06%||$8 063 768 426|
|14||DOT||Polkadot predictions||72.4%||49||$6.33||2.46%||0.91%||$7 401 853 780|
|15||LTC||Litecoin predictions||71.6%||59||$95.37||8.32%||16.29%||$6 919 022 798|
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