As the crypto market continues to grow, many crypto experts have opined that regulation could determine the next phase for the industry. In this article, we’ll explore the latest developments in the crypto regulatory scene: Tether’s (USDT) regulatory scrutiny and the growing interest in Everlodge (ELDG) as concerns mount over the stability of USD Coin (USDC).
Tether CTO to testify in market manipulation lawsuit
The world’s biggest stablecoin, Tether (USDT), is no stranger to regulatory scrutiny. In its latest episode, Paolo Ardoino, the CTO of the stablecoin issuer, will appear in court on September 13 to testify in a market manipulation lawsuit.
The lawsuit was originally filed by Jason Leibowitz, the co-founder of LeboBTC, in 2019. According to the lawsuit, Tether and Bitfinex have caused over $1.4 trillion in damages to the crypto market. Crypto experts believe the outcome of this case could greatly affect the market.
Despite the gravity of this lawsuit, the price of Tether has remained stable, maintaining its $1 peg. The Tether coin remains the biggest stablecoin in the market, with a market cap of over $83.2 billion.
De-pegging plagued USDC more than other stablecoins
While Tether struggles with regulatory scrutiny, its stablecoin counterpart, USD Coin (USDC), struggles with stability. According to a new report from S&P Global, the Circle USDC has been one of the most unstable stablecoins in the market.
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Although pegged to the US Dollar on a 1:1 ratio, the USDC price has seen major fluctuations. The report references the 2021 event when the USD Coin price dipped as low as $0.90 for 23 minutes – the deepest de-pegging event in crypto’s history.
In March 2023, the USDC price dropped to $0.87 due to the Silicon Valley Bank collapse. In addition, over the last two years, the USDC stablecoin has spent more time under the $1 peg than rivals USDT and BUSD.
Everlodge (ELDG) sees surge of investors
The rising concerns about Stablecoins have led to a surge of investors entering into Everlodge (ELDG). With its connection to the real estate industry, Everlodge offers stability and more room for growth than stablecoins naturally offer.
Everlodge is building the world’s first blockchain marketplace for the real estate industry. Employing blockchain technology and a fractional ownership model, the Everlodge platform will use fractional NFTs to allow individuals with limited resources to invest in real estate.
Real properties will be bought and minted on this marketplace as NFTs. Because the platform operates on fractional NFTs, investors will be able to co-own these luxurious houses for as little as $100. Since the properties fully back these NFTs, they add an extra layer of security to Everlodge’s investment.
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This new shared ownership model can potentially increase the number of people interacting with the real estate market. As the platform grows, crypto experts expect Everlodge’s utility token, ELDG, to grow alongside. Now trading at $0.018 per token, ELDG presents a remarkable opportunity for early investors.
