Nick Chong · 3 hours ago · 2 min read
Read the latest › ETH 2.0
Read the latest › Regulation
Nick Chong · 3 weeks ago · 2 min read
Shaurya Malwa · 7 hours ago · 2 min read
Tether (USDT), the world’s largest stablecoin by market cap, could reach a valuation higher than Ethereum in 2021, the latest issue of Bloomberg’s Crypto Market Outlook suggested in a report earlier this month.
Tether, the company behind the USDT stablecoin, has announced that it has launched its coin on Solana, a blockchain platform that aims to compete with Ethereum.
After a user mistakenly sent $1 million worth of USDT to Swerve’s token contract, Tether’s CTO Paolo Ardoino reached out to the community saying that the company would be able to recover the funds were ERC-20 USDT stuck in an Ethereum address.
Decentralized finance (DeFi) has seen a massive explosion over recent weeks and months, reaching a total value locked of $7.13 billion according to DeFi Pulse.
On Crypto Twitter and in the media, Bitcoin is touted as the one way through which anybody in the world can reliably skirt capital controls.
Chinese citizens moved over $50 billion from the country using Tether to avoid upcoming capital flight rules, reported news outlet CNBC.
Tether (USDT) has seen extreme growth since the start of the year.
The stablecoin sector has been seeing tremendous growth throughout the past year.
Long touted as an alternative to fiat currencies without the volatility of digital assets like Bitcoin, stablecoins and related companies mushroomed in late-2018; with a lot of projects even getting venture funded.
Late on June 1, Thailand’s high-flying OmiseGo rebranded to OMG Network.
Demand for Bitcoin has been skyrocketing in recent times, with this newfound excitement from investors coming mere weeks before the benchmark cryptocurrency undergoes its highly anticipated mining rewards halving event.
With Bitcoin seemingly finding a local top, all eyes in the crypto space have migrated to stablecoins, digital assets tied to and backed by a “stable” reserve asset.
Stablecoins account for a rapidly growing sector of the crypto industry and have viewed by many industry-advocates as tools that will ultimately help bridge mainstream finance with the nascent and highly volatile crypto market.
Despite the strong downturn seen in the crypto markets, epitomized by Bitcoin’s 50 percent decline that transpired on March 12, the amount of Tether’s USDT stablecoin in existence has exploded.
USDC, a stablecoin developed by the Circle, is the second-largest USD-backed stablecoin on the market according to data from Skew.
The volume of stablecoins on Ethereum has dwarfed the volume of the network’s native cryptocurrency ETH.
Tether, the company behind the biggest stablecoin in the world, has launched Tether Gold, a digital asset providing exposure to physical gold.
Pornhub, a leading adult entertainment website, recently began supporting a new cryptocurrency payment method after PayPal ended support for the company’s models last year.
A fresh class action lawsuit has been filed against Bitfinex and its sister company Tether Limited, the company behind the controversial but market-leading USD-pegged stablecoin, USDT.
Crypto analyst Willy Woo said that very few coins are good investments, as data from CoinMarketCap has shown that only the top 40 out of the 4987 listed coins are liquid.
During the past week, the total amount of transactions larger than $100,000 in USDT reached $7.3 billion, which represents an increase of 109.82 percent compared to the week before that.
In an early-morning tweet on October 29th, Tether announced that it would be performing a 300 million USDT chain swap.
iFinex, the parent company of crypto exchange Bitfinex and Tether, is facing a lawsuit accusing them of manipulating the market.
On September 25, the crypto market experienced one of its steepest falls in recent years as the bitcoin price abruptly dropped by more than $1,500 in merely hours, sending many cryptocurrency investors to Tether.
One obscure exchange dominates half of all Tether trading volumes.
Tether announced a new offshore Chinese-yuan backed stablecoin, CNHT.
Tether Ltd is planning to issue two new stablecoins, one pegged to a basket of commodities and another to the Chinese renminbi, according to Zhao Dong, an over-the-counter (OTC) trader in China and a shareholder of Bitfinex.
A New York judge ruled Bitfinex must face the fraud suit and impending investigation set against it in April by New York attorney general Letitia James, denying the company’s request for the case to be dismissed due to lack of jurisdiction, Bloomberg reported.
Tether ownership is worryingly concentrated, citing Coin Metrics data that showed just 318 addresses held 80 percent of all Tether in circulation.
An ongoing investigation into iFinex Inc seems to have caused an exodus of traders out of Bitfinex.
Zhao Dong, one of China’s biggest OTC traders, recently published a marketing document detailing iFinex Inc plans to conduct an initial exchange offering (IEO), aiming to raise $1 billion.
Legal representatives for Bitfinex and Tether confirm the widely held suspicion that USDT is not one-to-one backed by US dollars.
Tether, the leading stablecoin, recently unpegged from the US Dollar after news that the New York State Attorney General is investigating iFinex Inc, which operates Bitfinex and owns Tether Ltd USDT dropped as low as $0.975 against the US Dollar while the other top three stablecoins—USDC, TUSD, and PAX—enjoyed an approximately 6.5 percent premium.
Following a probe which revealed the apparent loss of $850 million in funds, the attorney general of the State of New York obtained a court order against iFinex Inc, which operates Bitfinex and owns Tether Ltd, ordering them to cease further dissipation of the US dollar assets which back the USDT stablecoin.
On April 25, the office of New York Attorney General Letitia James alleged iFinex, the company behind Bitfinex and Tether, of misusing $900 million of Tether’s cash reserves to hide an $850 million loss.
Tether, the largest stablecoin by market capitalization, has issued over $300 million in USDT during the last week.
Tether, the market-leading stablecoin in both market capitalization and controversy, made changes to its legal terms of service that indicate that USDT is not fully backed one-to-one by US dollar reserves.
Tether, the company behind one of the biggest and most widely used stablecoins on the market (USDT), has updated the terms on its website to further clarify how their reserves work.
The TRON Foundation has partnered with Tether to introduce Tether’s USDT on the TRON Network, making the popular stablecoin accessible to TRON’s userbase.
Reports from the Central Bank of the Bahamas indicate that Tether Ltd may have never deposited funds into the country.
Bloomberg reported that Tether “has the billions it promised,” suggesting that USDT could be backed one-to-one by dollars.
Gains in stablecoin dominance indicate that the market outlook is bleak.
In an apparent attempt to bring an end to USDT’s unrelenting solvency saga, Tether Limited has procured a new banking partner and laid bare its “portfolio” reserves in an account statement dated October 31.
Traders, investors, analysts, and journalists in the crypto sector engaged in an intense debate about USD-backed stablecoin Tether (USDT) this week, pondering on the legitimacy and regulatory state of the asset.
Cryptocurrency advocate and billionaire investor Mike Novogratz says Tether’s recent troubles are its own fault, and that a lack of transparency is mainly to blame for investors losing faith in the stablecoin.