The total stablecoin supply reached an all-time high of approximately $176.2 billion. According to data compiled by Token Terminal, stablecoin supply has steadily recovered after a decline from mid-2022 through early 2023, which likely mirrored broader market retracements during the crypto winter. Since then, the aggregated supply has shown consistent growth. Stablecoin Market Cap Growth...Read More
Crypto analyst Master Kenobi has suggested that the price of Dogecoin (DOGE) could rise to as much as $2, with its market cap potentially supplanting those of Solana (SOL), Binance Coin (BNB), and even Tether (USDT) to make it the third most valuable cryptocurrency in the market. The assessment comes in the wake of the...Read More
Stablecoin issuer Tether saw its profit reach a record $2.5 billion in the third quarter of the year, contributing to a nine-month profit total of $7.7 billion – an all-time high. As of September 30, 2024, the company reported $134.4 billion in consolidated assets and $14.2 billion in group equity, as per its Q3 2024...Read More
Donald Trump’s latest foray into cryptocurrency, World Liberty Financial (WLF), is said to be preparing to issue its own stablecoin as part of an ambitious expansion plan. The news comes even as the project’s recent sale of its native token, WLFI, has only secured about $14 million from slightly more than 16,000 buyers. WLF Stablecoin...Read More
Tether CEO Paolo Ardoino has disclosed details about the stablecoin issuer’s reserves, revealing that it holds $5.58 billion in Bitcoin (BTC), $3.87 billion in gold, and approximately $100 billion in U.S. Treasury bonds. This breakdown comes as the company faces allegations of a federal investigation in the U.S. and renewed questions about its reserve backing....Read More
The world’s largest stablecoin issuer, Tether, has joined hands with authorities in the Swiss City of Lugano to unveil a new statue of the pseudonymous Bitcoin creator Satoshi Nakamoto at the third annual forum of the Plan ₿ initiative. According to a press release by Tether, the Satoshi Nakamoto statue embodies the Bitcoin creator’s mystery...Read More
The U.S. federal government is investigating Tether – issuer of the world’s largest stablecoin, USDT – for possibly violating anti-money laundering rules and sanctions, the Wall Street Journal reported on Friday. Following the news, Bitcoin’s price plummeted from $68,600 to $66,589 at writing time.Prosecutors at the Manhattan U.S. attorney’s office are investigating whether the USDT...Read More
Stablecoin giants like USDT and USDC continue to strengthen their hold on the market, expanding their dominance and market share. However, a new contender is making waves – PayPal’s PYUSD. While still relatively smaller, this emerging stablecoin is gaining momentum, signaling a potential shift, as per recent data. Stablecoin Power Shift? According to a report...Read More
The stablecoin market is growing, increasing liquidity and stabilizing the crypto space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which are now responsible for a large portion of the crypto market’s transaction volume. A tweet by the decentralized finance analysis platform IntoTheBlock revealed that USDT...Read More
The leading stablecoin issuing company, Tether, is celebrating its tenth anniversary and a decade of innovation that has contributed to the advancement and development of the digital asset landscape. According to a press release by Tether, the crypto firm will commemorate the anniversary by releasing a documentary titled “Stability and Freedom in Chaos.” The documentary...Read More
The United Nations Office on Drugs and Crime (UNODC) expressed deep concern about crypto’s role in facilitating illicit activities across Southeast Asia. It notes that the existing underground banking infrastructure, including underregulated casinos, junkets, and illegal online gambling platforms, has increasingly adopted crypto as a tool for crime. UNODC Raises Alarm Over Crypto In its...Read More
Swan Bitcoin has sued several former employees, accusing them of illegally taking highly prized components of its BTC mining business. Filed on September 25, the lawsuit claims these executives, now running Proton Management, conspired to misappropriate Swan’s intellectual property and secured funding from Tether to create a “counterfeit competitor.” Rain and Hellfire Plan The court filing...Read More
Palo Alto-based crypto custody firm BitGo has launched a new stablecoin, USDS, that is set to go live in January 2025. The company says the stablecoin will be fully backed by U.S. dollars through a mix of short-term Treasury bills, overnight repos, and cash in a bid to ensure liquidity and minimize risk. New Approach...Read More
USDT issuer Tether has made a move into the agriculture sector with a $100 million investment in Adecoagro, a South American agricultural firm. This marks its first venture into the agriculture and food industry, expanding its investment portfolio beyond its previous focus areas of technology and digital assets. Tether Acquires 9.8% Stake in Adecoagro In...Read More
The Tether network quietly achieved a 5-month high in new wallet creation, surpassing 31.3K addresses in a single day, and the highest since March 2024. This surge has coincided with rising network growth in Multi Collateral Dai, indicating a broader trend across stablecoins. According to Santiment’s analysis, 732 new DAI wallets were created, representing the...Read More
Stablecoins have reached an all-time high market cap of $169.57 billion following nearly a year of uninterrupted growth. Leading assets such as Tether’s USDT and Circle’s USDC have seen a significant resurgence this year, in addition to a newcomer. Stablecoin Market Cap Surge Data compiled by DefiLlama revealed that this is the highest market cap...Read More
Stablecoin issuer Tether plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED), marking an expansion in its portfolio of digital assets. Developed in partnership with UAE-based tech conglomerate Phoenix Group PLC and supported by Green Acorn Investments Ltd, this project will leverage the UAE’s regulatory framework for Payment Token Services....Read More
Stablecoin issuer, Tether has revealed plans to launch US dollar-pegged Tether tokens (USDT) on Aptos Network. This move aligns with Tether’s broader strategy to make digital currency more accessible and useful across the world by capitalizing on Aptos’ ecosystem, according to the official press release shared with CryptoPotato. USDT Set to Debut on Aptos The...Read More
Paolo Ardoino, Tether’s CEO, is steering the company into venture capital, with a focus on emerging areas like AI, as revealed in his recent interview with WIRED. With billions in reserves, Tether is positioning itself to compete with tech giants such as Microsoft, Google, and Amazon. Tether’s Profit Ventures Since Ardoino took over as CEO...Read More
Two years after filing for bankruptcy, Celsius is trying to recover some funds by suing Tether for an alleged wrong liquidation of more than $800 million worth of BTC (at prices in mid-2022). The stablecoin issuer was quick to respond, calling the lawsuit a “baseless shakedown” and promised to fight for a win. Celsius Goes...Read More
Stablecoin issuer Tether intends to double its workforce within the next year to strengthen areas such as compliance. By mid-2025, the company behind the USDT stablecoin anticipates expanding its headcount to approximately 200 employees, according to Chief Executive Officer Paolo Ardoino. Tether also plans to increase staffing in its finance department, which oversees the $118...Read More
The world’s largest stablecoin issuer, Tether, has released its attestation report for the first half of the year, revealing a record $5.2 billion profit. According to an official release from the firm, Tether recorded a net operating profit of $1.3 billion in the second quarter of 2024, and its ownership of United States Treasury bills...Read More
Three individuals have been arrested by the Hong Kong police suspected of defrauding a businessman out of HK$3.11 million, worth around $399,000, in crypto assets by offering him three bundles of counterfeit HK$1,000 banknotes. The officers reportedly confiscated 10,978 fake HK$1,000 banknotes during a raid on the Mong Kok office, where the fraudulent transaction took...Read More
BitMEX co-founder Arthur Hayes’ crypto investment fund Maelstrom announced the launch of the Bitcoin Grant Program that aims to help with the technical development of the largest blockchain network. The focus will also be to improve its resilience, scalability, censorship resistance, and privacy characteristics. On its official website, Maelstrom said that it can support Bitcoin...Read More
In Tseung Kwan O, Hong Kong, a 3-year-old boy was abducted from a shopping mall on July 3. Following the incident, the kidnappers demanded a ransom of 660,000 USDT, which is about HK$5.15 million. Hong Kong Kidnappers Demand USDT The boy’s parents were instructed to download the Telegram messaging app and purchase the USDT ransom...Read More
Stablecoins have witnessed significant growth this year. Among them, USDT remains a leader, but other ones, such as Circle-backed USDC, are also seeing considerable activity. As such, USDC’s recent deposits to centralized crypto exchanges could signal investors buying the dip amidst several market corrections in recent weeks. USDC Deposits Surge According to IntoTheBlock’s Head of...Read More
On Monday, June 24, Tether, the issuer of the popular stablecoin USDT, announced its decision to halt the minting of USDT on the Algorand and EOS blockchain networks. The company cited plans to concentrate on blockchains with expanding communities as the reason for this change. Although new token issuance has ceased, Tether assured that token...Read More
A popular New York-based crypto exchange, Uphold, announced the delisting of six stablecoins in response to the upcoming MiCA regulation in the European Union, including Tether (USDT) – the largest of the cohort. This decision aligns with the Markets in Crypto Assets (MiCA) regulation, which fully takes effect on June 30th, 2024. Passed into law...Read More
The 24-hour trading volume of Tether (USDT) reached $53 billion on the TRON network, surpassing payment giant Visa’s average daily trading volume of $42 billion for Q1, 2024. This comparison is particularly important given Visa’s stature as one of the world’s largest payment processors, managing billions of transactions across more than 200 countries and regions....Read More
On June 17, Tether CEO Paolo Ardoino announced aUSDT, a new synthetic dollar over-collateralized by XAUt, Tether’s gold-backed digital asset. In a post on X on June 18, industry analyst and stock-to-flow creator Willy Woo said it was “A genius business idea by Tether.” Tether’s USDT is currently earning on U.S. Treasury Bills, but now...Read More
