According to Tether's latest announcement, Friday, the company announced that the Polkadot Blockchain system now supports it. The stablecoin received new support after the token was added to the Near Protocol 11-days ago. This news comes after Tether was ordered by a New York judge last Tuesday to produce financial documents.
Polkadot Blockchain Ecosystem adds Tether
Tether Operations Limited recently announced that it had been added to the Near Protocol on Sept 12th and 11 days later, it revealed that it is now located on the Polkadot Blockchain.
Polkadot is an open-source distributed ledger project. It connects decentralized finance (defi) and blockchains. Tether is the world's largest stablecoin asset, with a market value of $68.24 Billion on September 23.
USDT is the dominant crypto currency today at 7.078%, out of the $963.16 trillion market. Tether announced Friday that the Polkadot ecosystem's addition of USDT was "another milestone" in its stablecoin-issuer.
USDT now hosts on 15 different blockchain networks after being added to the Near Protocol, Polkadot Polkadot and Polkadot Polkadot ecosystems. Tether's CTO Paolo Ardoino wrote to Bitcoin.com News that the company was "delighted" to launch Tether on the Polkadot Blockchain network.
Ardoino stated that "Polkadot has been on a path of growth and evolution this past year, and we believe Tether will be crucial in helping it continue its success." Statistics show that tether's stock cap increased by 0.8% in the past 30 days. On Friday, USDT commanded $45.51 billion of $81.84 billion global crypto trade volume.
Tether's volume equals 55.60% of $81.84 billion worth of swaps. 62% of all BTC trades are paired with Tether. A New York judge ordered Polkadot Blockchain Support to be provided by Tether Operations Limited.
The order of the judge stems from a three-year-old class action lawsuit brought by five plaintiffs. Roche Freedman LLP is also involved in the case. Tether's lawyer recently stated that the law firm should be dropped due to the controversy surrounding Roche Freedman co-founder Kyle Roche.
What are your thoughts on tether being included in the Polkadot Blockchain ecosystem? Please comment below to let us know your thoughts on this topic.
Frequently Asked Questions
Who owns the gold in a Gold IRA?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
A financial planner or accountant should be consulted to discuss your options.
Can the government steal your gold?
The government cannot take your gold because you own it. You worked hard to earn it. It belongs exclusively to you. There may be exceptions to this rule. You can lose your gold if you have been convicted for fraud against the federal governments. If you owe taxes, your precious metals could be taken away. You can keep your gold even if your taxes are not paid.
Can I buy gold with my self-directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
If you do decide to invest in gold, you'll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contracts can be described as financial instruments that are determined by the gold price. You can speculate on future prices, but not own the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
How to Open a Precious Metal IRA?
First, decide if an Individual Retirement Account is right for you. If you do, you must open the account by completing Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. This form must be submitted within 60 days of the account opening. Once this is done, you can start investing. You might also be able to contribute directly from the paycheck through payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. The process for an ordinary IRA will not be affected.
To be eligible for a precious metals IRA, you will need to meet certain requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. Contributions must be made on a regular basis. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
You can invest in precious metals IRAs to buy gold, palladium and platinum. But, you'll only be able to purchase physical bullion. This means you won’t be able to trade stocks and bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. Some IRA providers offer this option.
There are two main drawbacks to investing through an IRA in precious metallics. First, they're not as liquid as stocks or bonds. They are therefore more difficult to sell when necessary. They don't yield dividends like bonds and stocks. Therefore, you will lose money over time and not gain it.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
bbb.org
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Do you want to keep your IRA gold at home? It's not exactly legal – WSJ
investopedia.com
cftc.gov
How To
How to hold physical gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. But, this approach comes with risks. These companies may not survive the next few years. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
The alternative is to buy physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. This option has many advantages, including the ease of access (you don’t have to deal with stock markets) and the ability of making purchases at low prices. It is easier to view how much gold has been stored. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. There's also less chance of theft than investing in stocks.
However, there are some disadvantages too. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the taxman may ask you about where you have put your gold.
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: Jamie Redman
Title: Tether Reveals USDT Stablecoin Is Now Supported by Polkadot
Sourced From: news.bitcoin.com/tether-reveals-usdt-stablecoin-is-now-supported-by-polkadot/
Published Date: Fri, 23 Sep 2022 20:30:57 +0000
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