Cody McGrath 
After one of its many investments, Celsius experiences a crisis that causes it to devalue, Tether published a statement to assuage investor concerns.
Crypto lending platform, Celsius is experiencing difficulties due to extreme market volatility, and its native token CEL has lost more than 50% of its value.
Celsius pauses operations due to market volatility
Celsius sent out an email to its community members earlier today informing them that due to extreme market conditions. All withdrawals, swaps, and transfers between accounts will be suspended on the network. Since then, many cryptocurrencies, including Bitcoin, have plummeted even worse.
Tether, said to have a $1 billion stake in the network, has however noted that its investment in Celsius does not affect Tether’s stability, the company said its stake in Celsius has always been overcollateralized and the unfortunate events happening to Celsius would have no impact on Tether.
Meanwhile, Celsius’ letter to its community members noted that any steps made are in the best interests of the community and that the withdrawal, swap, and transfer options were paused to protect Celsius community members. Members, on the other hand, will continue to earn rewards.
Since Celsius’s statement, Bitcoin has lost more than 6% to as low as $24,888. ETH has also dropped more than 8% to $1,311, its lowest level since March 2021. CEL, Celsius’ native token, has likewise plunged to absurdly low levels over the last two days.
USDT plans to launch on Tezos
Tether has announced that Tether’s new tokens, or USDT, will launch on Tezos, a pioneer proof-of-stake blockchain. USDT on Tezos, according to Tether, will enable innovative applications in payments, DeFi, and more.
Tether’s CTO Paolo Ardoino said, “We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital tokespace…Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth”
Tezos is expected to indicate Tether’s support for growth in the growing digital assets space. Which already includes yield farming technology Youves, decentralized exchange, EVM bridge, and numerous others, as well as USDT. When USDT launches, Tether will become the largest stablecoin in terms of market capitalization.