GOLD - Could Bitcoin-Backed Stablecoin Be Tether's Next Big Move? Here is What This Crypto Analyst Believes | Benzinga

Renowned cryptocurrency analyst Willy Woo has hinted at the possibility of a Bitcoin (CRYPTO: BTC)-backed stablecoin from Tether (CRYPTO: USDT) in the future.

What Happened: In a post on Tuesday, Woo praised Tether, the company behind the world’s biggest stablecoin by market cap, for their innovative business idea of issuing a stablecoin over collateralized with gold.

In fact, Woo went one step further and forecasted that the firm might even launch a stablecoin backed by Bitcoin in the future. “Given Tether is building a sizeable BTC treasury, I would not be surprised in a future where they issue bUSDT, backed by Bitcoin,” Woo wrote.