"USDT Decouples from USD: US Announces End of USD's Link to Gold"
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Eve
2023-06-02 07:39
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Derek
Release time 2023 06 02
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Darcy
USDT delinking from USD (US announces the delinking of USD from gold)
The term "USDT delinking from USD" refers to the decision made by the United States government to end the convertibility of the US dollar to gold. Prior to this decision, the US dollar was backed by gold reserves, which meant that the government guaranteed to exchange a certain amount of gold for a predetermined amount of US dollars.
This system, known as the gold standard, was abandoned by the US government in 1971, which effectively delinked the US dollar from gold. This decision had significant implications for the global financial system, as it meant that the US dollar was no longer tied to a specific tangible asset, but instead relied on the government's ability to manage its economy and maintain the confidence of investors.
USDT, or Tether, is a cryptocurrency that is purportedly backed by US dollars held in reserve. It is intended to maintain a fixed value of one US dollar per token, making it a stablecoin. While it is not directly affected by the delinking of the US dollar from gold, it is still subject to market fluctuations and risks associated with the US dollar and the wider economy.
Release time 2023 06 02
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Juliana
The USDT (Tether) is pegged to the US dollar at a 1:1 ratio, meaning that it is supposed to maintain a stable value equivalent to the US dollar. The announcement of the US dollar uncoupling from gold, also known as the "gold standard," in 1971 by US President Richard Nixon weakened the US dollar's value and eliminated the direct link between the dollar and a tangible asset like gold. This decision created a floating exchange rate system where a currency's value is determined by market forces rather than a fixed exchange rate to a specific asset. Because of this, the USDT's value is now primarily driven by supply and demand in the market and is no longer directly tied to the value of gold or any other asset.
Release time 2023 06 02