Global footwear giant, Nike, has announced the launch of its new NFT platform which is touted to become the centrepiece of the brand’s push into Web3.
The platform, known as .Swoosh, will feature Nike’s virtual apparel and footwear creations, which will be able to be purchased, traded and used in a range of yet to be announced Web3 games and “other immersive experiences”.
Grab your kicks 👟 + BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾
This is the first step of the journey, and we can't wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX
.Swoosh, which runs on the Polygon blockchain, will also provide future opportunities for select co-creators to partner with Nike to make NFTs on the platform and earn royalties.
.Swoosh Nike’s Latest Push Into Web 3
Nike has slowly been increasing its adoption of Web 3 tech over the past few years — in 2019 the brand filed a patent for Web3 enabled sneakers known as ‘Cryptokicks’ and in 2020 Nike acquired fashion NFT startup RTFKT Studios.
The launch of .Swoosh however, suggests a more strategic approach and deeper commitment to Web 3 from Nike. In the release announcing the launch of .Swoosh, Nike spelled out its ambitious hopes for the new platform saying its purpose is to “expand the definition of sport” by “democratising the web3 experience so that everyone can collect, create and own a piece of this new digital world.”
Speaking on the launch of the new platform, Ron Faris, General Manager of Nike Virtual Studios further explained:
“We are shaping a marketplace of the future with an accessible platform for the web3-curious…In this new space, the .SWOOSH community and Nike can create, share, and benefit together.”
Ron Faris, General Manager of Nike Virtual Studios
.Swoosh will remain in invite-only beta for the rest of 2022, with the first collection planned to be launched sometime in 2023.
Instagram will soon have a built-in NFT marketplace according to a November 1 announcement by Meta, the company behind social media apps Facebook and Instagram.
According to a statement from Meta, the marketplace will function as an ‘end-to-end’ NFT toolkit, allowing users to create, showcase and sell their NFT from within the Instagram app. Creators will be able to sell their NFTs — or digital collectibles as Meta calls them — both on Instagram and on other platforms.
The new marketplace will initially be tested with a small group of hand-picked US-based creators, including Amber Victoria, Dave Krugman and Isaac ‘Drift’ Wright, with plans to eventually expand access to creators throughout the world.
Marketplace Designed to Support Creators
Meta’s Head of Commerce and Fintech, Stephane Kasriel says the purpose of the new NFT marketplace is primarily to support creators and make it easier for them to monetise their work.
In a Medium post published the day after Instagram’s new NFT marketplace was announced, Kasriel made the case for blockchain and other Web3 technologies that solves many of the issues creators face, such as segmented audiences across multiple platforms and difficulty monetising their digital creations.
“[Blockchain] makes it possible for creators to build more direct and profitable relationships with their audiences because it gives them more ownership over their work with blockchain-based assets that can be monetized, like NFTs. Blockchain also gives creators the ability to take their content and fans with them to different platforms.”
Stephane Kasriel, Head of Commerce and Fintech, Meta
Marketplace to Run on Polygon, No Gas Fees
The new marketplace will use the Polygon blockchain, which is an Ethereum layer-2 scaling solution, and will initially be entirely fee-less — Meta says for now it won’t charge fees to use the marketplace and will also cover any Ethereum gas fees. According to Kasriel Meta doesn’t plan to start charging fees until 2024.
All transactions made through the Instagram marketplace will however still be subject to the 30 percent ‘Apple Tax’ which applies to all apps on Apple’s AppStore.
The marketplace will also support video-based NFTs. Support for Solana and Phantom wallets are to be added at some stage in the future.
Meta has demonstrated it sees a bright future in Web3 technology, having previously launched its own blockchain-based system known as Diem. In May of this year, Instagram added a feature allowing users to display their Ethereum and Polygon-based NFTs. The launch of this new marketplace shows a significant deepening of Meta’s interest in leveraging Web3 technologies.
Warren Buffet-backed Nubank, Brazil’s largest digital bank by market volume, has announced it will launch its own cryptocurrency in the first half of 2023. The cryptocurrency, which is to be known as Nucoin, will run on the Polygon blockchain.
In a press release posted Wednesday October 19, Nubank explained that Nucoin will provide discounts and other perks to holders and will function as, “a new way to recognize customer loyalty and encourage engagement with Nubank products.”
This isn’t Nubank’s first foray into crypto. Earlier this year, the bank started to dabble in Web3 by offering crypto trading services to its customers in partnership with the crypto trading platform Paxos.
The announcement that Nubank now plans to launch its own cryptocurrency marks a significant deepening of its interest in crypto.
Before the launch of Nucoin next year, Nubank plans to select 2,000 customers to test the token and provide feedback and guidance on its development.
Nubank Believes in Blockchain
Nubank’s General Manager for Nucoin, Fernando Czapski explained that the bank believes blockchain has excellent potential, saying:
“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app.”
Fernando Czapski, General Manager for Nucoin at Nubank
Other large players in the finance sector have also been making announcements recently which demonstrate their belief in crypto’s potential. Just days ago, Mastercard announced its new Crypto Secure program in partnership with Paxos, which aims to make it easier for banks and other financial institutions to offer crypto trading services to their customers, a move that could potentially boost mainstream adoption of crypto.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 6th cryptocurrency globally and the current price is US$0.5774. Let’s take a look at the chart below for price analysis:
From its Q2 high, ADA dropped nearly 70% before finding support near $0.3960. The price has been consolidating since it set this low and is currently testing support near $0.4929. This level has held as support despite the larger market’s sharp downturn since mid-June.
It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4506 and $0.4350 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.4072 could provide support.
If this region holds as support, bulls may find the first resistance near $0.6510. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range.
A break of this resistance may retest resistance just above the June monthly open, near $0.7490. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.
2. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 14th cryptocurrency globally and the current price is US$1.02. Let’s take a look at the chart below for price analysis:
Since its Q2 highs, MATIC has been in a steady bearish trend, retracing nearly 78% and finding support near $0.4820, at the 65.8% retracement level.
Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.9130, near the 45.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.8520, and still find support.
Currently, the price is contesting a region between $0.8239 and $0.8025. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.15, while $1.25 is also likely to be sensitive with the nearest support and resistance this close together.
3. Kadena (KDA)
Kadena KDA is a proof-of-work blockchain that combines the PoW consensus mechanism from Bitcoin with directed acyclic graph (DAG) principles to offer a scalable version of Bitcoin. Kadena claims it can provide the security of Bitcoin while being able to offer unparalleled throughput that makes the blockchain usable to enterprises and entrepreneurs alike. Kadena’s unique infrastructure is decentralised and built for mass adoption because of its multi-chain approach.
KDA Price Analysis
At the time of writing, KDA is ranked the 104th cryptocurrency globally and the current price is US$2.14. Let’s take a look at the chart below for price analysis:
KDA climbed 60% from its mid-June low, creating a bullish market structure break on the daily chart.
Aggressive bulls might find the closest support near the August open, around $2.00. This level will likely show inefficient trading on the daily chart after Monday’s candle closes.
If this level breaks, the next support might be near $1.85. This level is near the 61.8% retracement. It’s also near the 9, 18 and 40 EMAs, and the high of accumulation on the weekly chart.
A dip lower could reach $1.78, where bulls rejected bears on the weekly. However, a move this low could go significantly lower. Bulls’ stops near $1.70 and a large area of inefficient trading on the weekly offer little support to stop a more significant drop.
The closest resistance is from $2.30 to $2.45, near the June monthly open. This area showed inefficient trading on the weekly chart. The price has passed through this zone multiple times, but it could provide some resistance again.
If the market’s rally does continue, $2.57 might offer the next resistance. This level shows inefficient trading on the daily chart. It’s also at the low end of inefficient trading on the weekly and monthly charts.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Polygon (MATIC) has been one of the rare altcoins to experience recent exponential growth, now spurred on by the announcement of an Ethereum scaling and zero-knowledge (ZK) innovation – Polygon zkEVM, the first Ethereum Virtual Machine (EVM) zero knowledge layer 2 scaling solution:
We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation.
Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2.
Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.
The team behind MATIC says it has made a major breakthrough in zero-knowledge proof technology that is fully compatible with the EVM. In the case of a zero-knowledge proof, one party is able to prove the veracity of a piece of information to another party without having to reveal the information itself.
This will allow developers to employ the ZK method for increased levels of security and data privacy:
💜@jbaylina, Co-founder of Polygon Hermez and Tech lead of #zkEVM, shares his thoughts on today’s announcement of the zkEVM source code and how it gives the community full access to this breakthrough tech.
According to Polygon, its new zkEVM will enhance the Ethereum experience for users and developers alike by adding efficiency and reducing costs while at the same time taking advantage of the leading smart contract platform’s existing secure and trusted framework.
The blog post said: “Polygon zkEVM is for everyone who wants a cheaper, faster way to use Ethereum without sacrificing security or decentralisation. It is permissionless – anyone can use it. It’s also open-source, meaning you can trust the code, rather than trusting us.”
MATIC Soars on Other Fronts
The Polygon network has been busy of late, which has contributed to its recent massive uptick in price. In May, Tether announced that USDT had been integrated into Polygon, meaning that more than 19,000 decentralised applications on the Polygon ecosystem would be able to use USDT.
MATIC’s price also skyrocketed as Disney picked Polygon for its Accelerator Program last month. The program will focus on augmented reality, artificial intelligence characters, and NFTs.
The implosion of Terra has also meant big things for MATIC after more than 48 projects originally built on the Terra blockchain began to migrate to Polygon in the wake of Terra’s sudden collapse in May.
More than 48 projects originally built on the Terra blockchain have begun to migrate to Polygon in the wake of Terra’s sudden collapse in May:
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
According to Polygon Studios CEO Ryan Wyatt, some of the projects migrating to Polygon include the non-fungible token (NFT) marketplace OnePlanet, the multiverse platform Lunaverse, and the play-to-earn-game Derby Stars.
OnePlanet’s Ark*One Initiative Spurs Migration
Following Terra’s collapse, OnePlanet launched an initiative known as Ark*One, whose purpose was to save innovative NFT projects built on the failed blockchain. Ark*One has been a driving force behind the migration from Terra to Polygon, with 48 NFT projects comprising 90 NFT collections having applied for financial and technical support through the initiative.
Applications to Ark*One closed on June 15. This date also marked the end of Polygon Studios’ financial support to the initiative. However, Ark*One will continue providing technical support to projects wanting to migrate from Terra to Polygon.
Why Polygon?
One of the main reasons so many Terra projects have chosen to migrate to Polygon is that it offered substantial financial support to entice projects. In the weeks after Terra’s collapse, Polygon Studios launched a multimillion-dollar fund specifically to attract projects from Terra onto the Polygon blockchain.
OnePlanet has also cited several reasons Polygon was an attractive destination, beyond simple financial support, writing in a blog post:
Taking into consideration the key factors such as mass adoption, market opportunities, stability and foundation-level support, we found that Polygon is currently the most prominent chain with so many big projects and entities onboarding … Moreover, Polygon has the low gas fee of $0.0025 on average and high throughput of being able to process up to 7,000 transactions per second, which shows huge potentiality to bring a larger audience to the chain.
Popular social media platform Reddit will launch a new NFT avatar collection in the coming weeks leveraging the Polygon blockchain – however, it has avoided any reference to non-fungible tokens, instead exclusively using the term “collectible avatars”:
Catch 'em while you can! Collectible Avatars are limited-edition creations designed by some of Reddit's most passionate artists. 💥
As well as being blockchain-based, the new collectible avatars’ primary difference from Reddit’s existing avatars is that they’ll be available for individual sale – all other Reddit avatars are either free or are made available when a user subscribes to Reddit Premium.
And despite their being blockchain-based, Reddit users will not need to have any cryptocurrencies or a crypto wallet to buy and store the new avatars.
Reddit’s new avatars will be created by some of the platform’s most passionate independent artists. Participating artists will receive payment each time one of their avatars is purchased and will also be entitled to royalties from secondary sales of their avatars on external NFT marketplaces.
Purchasers of the new NFT-based avatars will acquire usage rights to the artwork both on Reddit and outside of the platform.
Reddit also says users who purchase one of the new collectible avatars will receive unique benefits on the platform, however the only specific benefit mentioned in the announcement was owners’ profile pictures having a “glow-like effect” when they appear in the comments section of posts.
Potential Benefits in Blockchain Tech
Reddit says it chose to use the Polygon blockchain for its new NFT-based avatars because of the network’s relatively low transaction costs and stated commitment to sustainability measures.
Reddit users will be able to use their local fiat currency to purchase the new NFT-based avatars and they’ll be able to store them in Reddit’s built-in crypto wallet, which is known as the Vault.
Using blockchain technology to power its new avatars provides several benefits, Reddit says, writing in its announcement:
Right now, blockchain technology provides purchasers with ownership and portability of their collectible avatar, and provides artists with a way to have their work live beyond the virtual walls of Reddit (and be compensated for future sales of their art).
Reddit team
It also sees blockchain as a technology with potential to further empower communities built on its platform:
We see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralisation could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 32nd cryptocurrency globally and the current price is US$0.9282. Let’s take a look at the chart below for price analysis:
Like many other altcoins, MANA set a high during Q1 and Q2 before retracing 70% to the low at $0.7330 last month.
The price broke through resistance near $0.9134, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $0.8713. However, a drop this far increases the chances of a stop run to $0.8105 and possibly into support near $0.7825. For now, continuing recovery market conditions could help $0.7510 become support.
The swing high around $1.10 gives bulls a reasonable first target, with $1.18 also likely to draw the price upward. Higher-timeframe resistance beginning near $1.29 or $1.37 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $1.45.
2. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 15th cryptocurrency globally and the current price is US$20.16. Let’s take a look at the chart below for price analysis:
AVAX‘s gains in Q2 ended with an almost 75% retracement as the rest of the altcoin market dropped from early last month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $30.35.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $18.15 to $17.45 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.30, and potentially lower to a higher-timeframe support zone between $15.72 and $14.80.
If the higher-timeframe recovery trend resumes and the current resistance near $24.35 breaks, the wicks near $28.84 and the new monthly highs may see profit-taking.
3. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 18th cryptocurrency globally and the current price is US$0.5669. Let’s take a look at the chart below for price analysis:
Since its Q1 highs, MATIC has been in a steady bearish trend, retracing nearly 75%. The price found support near $0.3820, at the 65.8% retracement level.
Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.5139, near the 45.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.4720, and still find support.
Currently, the price is contesting a region between $0.4539 and $0.4325. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $0.6931, while $0.7530 is also likely to be sensitive with the nearest support and resistance this close together.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 20th cryptocurrency globally and the current price is US$0.3749. Let’s take a look at the chart below for price analysis:
Since its Q1 highs, MATIC has been in a steady bearish trend, retracing nearly 75%. The price found support near $0.3520, at the 65.8% retracement level.
Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.3639, near the 65.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.3320, and still find support.
Currently, the price is contesting a region between $0.3039 and $0.3135. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $0.4631, while $0.5470 is also likely to be sensitive with the nearest support and resistance this close together.
2. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 64th cryptocurrency globally and the current price is US$0.2189. Let’s take a look at the chart below for price analysis:
FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4267, possibly forming the next bullish leg’s target.
Currently, the price is testing possible support near the weekly open, around $0.2061. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $0.1834 to $0.1730 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.
A more bearish tone in the market could propel the price lower. The lows, near $0.1530, may mark an area of possible support as well as a bearish target.
3. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 42nd cryptocurrency globally and the current price is US$0.8427. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during Q1 halted at $2.38 before retracing 80% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $1.15 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $1.26. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $0.8890 and $0.8146 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $0.7055.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Tether recently announced that USDT has been integrated into Polygon, one of the largest Ethereum sidechains. This means that more than 19,000 decentralised applications (DApps) on the Polygon ecosystem will be able to use USDT.
According to a May 27 announcement by Tether, the addition of USDT to the Polygon ecosystem is a “milestone moment” for the company, as it will allow investors to use the stablecoin for transfers and generate yield.
We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.
Paolo Ardoino, CTO, Tether
The news comes shortly after Terra relaunched its blockchain and ditched its old UST token, which this month experienced one of the worst meltdowns in crypto history, raising concerns about the legitimacy of stablecoins worldwide.
Tether Also Launches Mexico Stablecoin MXNT
In other news, Tether has also pivoted into the Latin American market after launching a Mexican peso-pegged stablecoin, which will be initially available on Ethereum, Tron and Polygon.
The new stablecoin, dubbed MXNT, becomes the fourth stablecoin rolled out by Tether. Besides USDT, they are the Euro-pegged EURT and the Chinese Yuan-pegged CNHT.
So far, Tether has maintained its status as the leading stablecoin in the market. However, the company has not always been keen to open its reserves books. Tether periodically releases assurance opinions instead of full audits to disclose its reserves to the public, something that has raised suspicions within the crypto community.
