The price of bitcoin rose this week, but bitcoin’s gain may just have been tether’s loss. The most high-profile stablecoin, whose value is supposedly always $1, dipped as low as 90 cents this week on some exchanges as traders converted their holdings amid rumors that Bitfinex, a crypto exchange and tether’s sister company, was insolvent. (Bitfinex has denied the claims.)
But tether’s troubles could be a boon for other stablecoins, which have raised more than $500 million in funding in 2018 alone, we reported in August. OKEx, one of the largest exchanges, said this week it was adding support for four more U.S. dollar-pegged stablecoins, which could give other tokens an opening as they seek to displace tether’s market share.
Also this week, Civil’s ICO came to a disappointing end after months of hype. We have some takeaways from my conversation with CEO Matthew Iles about what went wrong. Plus, a growing number of videogame developers are turning to blockchain-based games. More below.