Unraveling Tether’s complex web of financial maneuvers and its impact on the global crypto market.
Swan Bitcoin sued former employees it alleged got help from Tether, and now accuses its own law firm of malpractice after it picked up the stablecoin issuer as a client.
According to stablecoin firm Tether, over $134 billion USDt tokens are circulating across various blockchain protocols as of November 2024.
Solana (SOL) has recorded a new all-time high (ATH) of $262, marking a historic recovery after three years of tumultuous price action. Notably, the token had once fallen as low as $8 at the peak of the FTX exchange collapse and the ensuing crypto bear market. Solana Makes Historic Recovery, Eyes USDT Flippening Solana (SOL), the much-touted “Ethereum killer,” is again in the spotlight. After dominating the 2020-21 crypto bull market, the digital asset saw its value plummet after FTX’s spectacular collapse, led by Sam Bankman-Fried. However, SOL has staged an impressive comeback over the last two years. Related Reading: $4,000 Solana Price Possible As SOL Breaks Out Of Massive Cup And Handle Pattern At the time of writing, SOL is the fourth-largest cryptocurrency, with a reported market cap of over $123 billion. The layer-1 blockchain’s market cap is just $8 billion shy of overtaking stablecoin Tether’s (USDT) market cap of $130 billion. Notably, SOL needs a further 10% price appreciation to decisively increase USDT’s market cap and become the third-largest digital asset by market cap. SOL will only trail Bitcoin (BTC) and Ethereum (ETH) as the third-largest cryptocurrency. Given the token’s recent price trajectory, it won’t be surprising to see SOL surging past the leading stablecoin’s market cap before the end of the year. In the last three weeks alone, the token has experienced a remarkable 75% surge, rising from $148 on November 4 to $259 at the time of writing. While the broader crypto market has gained momentum following the victory of pro-crypto Republican US presidential candidate Donald Trump, attributing SOL’s rise solely to this would be disingenuous. Memecoin Frenzy, Increased Network Activity, ETF Potential Helped SOL SOL’s remarkable turnaround can be linked to several factors that have spurred increased network adoption. One of the most prominent contributors is the ongoing memecoin frenzy, which has emerged as a dominant narrative in the crypto market. Related Reading: Solana Memecoin Market Thrives: POPCAT Reaches New Record Price Of $1.75 Memecoins – particularly those based on the Solana blockchain – have emerged as the crypto market’s top narrative over the last year. In October alone, the total market cap of Solana-based memecoins surpassed $10 billion. This memecoin craze has also translated into heightened network activity for Solana. Between September and October, Solana saw a 42% month-over-month (MoM) increase in active addresses, amounting to approximately 123 million. Besides benefitting from the memecoin narrative, Solana has also seen increased decentralized finance (DeFi) activity throughout the year. According to DefiLlama data, Solana is home to the second-largest DeFi ecosystem in the world, with a total value locked (TVL) of $9.265 billion. In addition, there are growing prospects for a Solana-based exchange-traded fund (ETF). A recent report indicates that the US Securities and Exchange Commission (SEC) is holding active talks with multiple asset managers regarding the potential launch of a new spot Solana ETF. While SOL’s achievement of a new ATH is impressive, experts believe the token still has significant growth potential. At the time of writing, SOL trades at $259, up 6.2% over the past 24 hours. Featured image from Unsplash, charts from DefiLlama.com and Tradingview.com
Trump's choice for commerce secretary is a billionaire whose Wall Street firm has ties to Tether.
The issuance comes at a time when the European stablecoin market is poised for a shake-up as regulations for issuers will enter into full force by the end of this year.
According to stablecoin firm Tether, approximately $127 billion in Tether-USD tokens (USDt) are currently in circulation.
The Tether-US dollar stablecoin's market capitalization has topped $126 billion, as approximately $7 billion in new USDt was minted.
The tokenization platform is part of Tether's ambition to diversify its business from issuing the $126 billion USDT stablecoin.
Learn about impermanent loss in DeFi and strategies to mitigate risks. Discover practical tips, tools and the potential rewards of providing liquidity.
Prosecutors petitioned a New York federal court to seize crypto they alleged is linked to bribes paid to Chinese officials by Sam Bankman-Fried.
Crypto is a popular target for cybercriminals, who rely on its anonymity and lack of regulation. These crimes often target individuals online through hacking and ransomware. However, there have been a few aggressive crimes in the past that target unsuspecting individuals in person and broad daylight. Thailand news agencies report that a Ukrainian tourist recently lost […]
Stablecoin exchange balances grew to a yearly high of $41 billion this week, providing dry powder to buy digital assets, one analyst noted.
Tether has minted $5 billion worth of the USDT stablecoin over the past week amid Bitcoin’s rally near the $90,000 milestone. Data from blockchain analytics platform SpotOnChain reveals that Tether began this series of USDT issuances with $1 billion minted on Nov. 6, contributing to Bitcoin’s climb to a record high of $76,200. The firm […]
The post Tether prints $5 billion USDT in 5 days adding to bull run market liquidity appeared first on CryptoSlate.
The WDK will enable developers to integrate non-custodial wallets for USDT and Bitcoin into any app, website or device.
The general cryptocurrency market has seen notable upward momentum in the past few weeks, with Bitcoin, the largest digital asset, leading the market once more toward what several seasoned crypto analysts believe to be one of the biggest bull runs ever. Bitcoin Heading Toward More Higher Levels In his latest report, Doctor Profit, a market […]
Tether is back in the spotlight, this time for assisting the authorities in solving a crypto crime. According to multiple reports, the stablecoin firm recently helped the Ontario Provincial Police in a crypto robbery worth $10,000 CAD. Tether worked with the Cyber Investigations Team to recover the lost funds, showcasing the company’s increasing commitment to […]
Stablecoins like USDT and USDC are shining stars of digital finance. Their stability is due to their 1:1 peg to the US dollar. As a result, their use for everyday transactions and overall acceptance are increasing quickly worldwide. In Singapore, for example, the stablecoin payment value reached $1 billion in the second quarter of the […]
The post USDT or USDC? Key considerations when choosing a stablecoin appeared first on CryptoSlate.
The stablecoin firm previously came under fire from Wyoming Senator Cynthia Lummis for allegedly facilitating illicit finance activities.
The USDT issuer is expanding in trade finance, seeking to carve out a niche in the $10 trillion ecosystem.
Completed in October 2024, the deal facilitated the transport of 670,000 barrels of crude oil and marked Tether’s entry into the commodity trading market.
The partnership between The Open Network (TON) and Tether has reached new heights as the USDT stablecoin experienced a massive surge in just a few months since the start of their collaboration. A remarkable feat that saw a massive increase in the USDT on TON hitting over $1 billion in only six months, an indicator of the capability of the emerging dynamic duo. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival Exponential Growth Analysts said that TON keeps on moving upward as many investors start to adopt Tether’s stablecoin. In a report, CryptoQuant said that in the last six months, USDT on TON rose by a whopping 670%. CryptoQuant added that TON only had $130 million worth of USDT in May 2024, but after half a year, the stablecoin ballooned to $1.02 billion. Analysts attributed the massive hike to the increasing investors’ preference to use TON, making the network a significant player in the stablecoin sector. They also believed that the stablecoin market will continue to thrive and flourish rapidly which will open opportunities for emerging blockchain networks. Currently, stablecoins have gained popularity worldwide. These digital monies are used to facilitate various activities such as cross-border transactions and personal payments. Data showed that for instance, USDT is being utilized by 10% of all commercial transactions conducted in South Korea. Low Transaction Fee CryptoQuant said that the TON blockchain is an excellent substitute for stablecoins because of its low transaction costs, saying that its “competitive transaction fees” fuel the increasing number of USDT transactions on TON. Analysts considered its remarkably low fees as one of its most significant advantages because it makes TON more attractive to users who conduct regular transactions. TON allows these users to save money while partaking in the cryptocurrency market. Statistics showed that transaction fees have decreased significantly in the past few months. The median transaction fee in June 2024 stood at $0.061, but it went down to $0.035 by October 2024. A significant reduction greatly contributed to the TON’s rapid adoption because users are seeing the network as an option for their transactions. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 USDT Expected To Expand USDT stablecoin has emerged as a key player in the market today, reaching a USDT supply of about $120 billion. CryptoQuant predicted that the USDT supply would expand and could reach $200 billion in the bull rally. “This growth will likely drive further demand for fast and low-cost blockchain networks like TON, leading to continued growth in the amount of USDT on the TON network,” the analyst added. CryptoQuant also sees that TON will have the opportunity to expand in the stablecoin ecosystem by providing “robust infrastructure and competitive advantages.” Featured image from Medium, chart from TradingView
The Global Dollar Network, whose participants will earn yield for helping foster adoption of USDG, also includes Anchorage Digital, Bullish, Galaxy Digital and Nuvei.
Tether CEO Paolo Ardoino has dismissed recent speculation about the company’s plans to launch a proprietary blockchain network. In a Nov. 3 post on X, Ardoino clarified that Tether does not intend to create its blockchain. He emphasized the company’s position by writing: “Tether is not planning to build an official blockchain at this time.” […]
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On Thursday, Tether (USDT), the world’s largest stablecoin issuer, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results amid the broader market recovery led by Bitcoin (BTC). Total Tether Assets Reach All-Time High Conducted by accounting firm BDO, the report highlights Tether’s growth, with a net profit of $2.5 billion for Q3, contributing to a consolidated profit of $7.7 billion for the first nine months of 2024. This marks a significant achievement for the company, with total assets reaching an all-time high of $134.4 billion. Related Reading: Bitcoin Price Slides Below $70,000: These Are The Key Reasons Another notable accomplishment in the report was the expansion of Tether’s stablecoin supply, which now exceeds $120 billion in circulation. This represents a 30% increase since the beginning of the year and reflects the growing global demand for Tether’s stablecoin, USDT. Tether’s reserves are now at over $105 billion in cash and cash equivalents, including $102.5 billion in direct and indirect exposures to US Treasury bills (T-Bills). If categorized as a country, the stablecoin company would rank among the top 18 holders of US Treasuries globally, surpassing nations like Germany and Australia. CEO Ardoino Criticizes ‘Inclusion Washing’ By Other Firms CEO Paolo Ardoino emphasized the company’s dedication to transparency and responsible risk management, stating “Tether’s performance in Q3 showcases our relentless commitment to liquidity and financial stability,” pointing to the increase in the reserve buffer to over $6 billion and investments made through Tether Investments. The Tether CEO revealed that these investments span various sectors, including renewable energy, Bitcoin mining, artificial intelligence (AI), telecommunications, and education. In a recent social media post on X (formerly Twitter), Ardoino also highlighted the importance of USDT in promoting financial inclusion, particularly in developing countries. He noted that a significant portion of USDT’s usage is concentrated in regions with limited traditional banking services. “USDt is the digital dollar for hundreds of millions of people who the banking industry has left behind,” Ardoino explained, underscoring the stablecoin’s role in providing financial access to “underserved populations.” Related Reading: BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Despite progress, Ardoino acknowledged that a substantial portion of the global population—approximately 3 billion people—still lacks access to basic financial services. Ardoino further criticized the notion of “financial inclusion washing,” where companies make grand claims about enhancing financial access without delivering tangible results. In contrast, the CEO said Tether aims to lead the charge toward “a more inclusive financial ecosystem.” At the time of writing, the market’s largest cryptocurrency, Bitcoin, was trading at $69,390, having lost its consolidation above the key $70,000 resistance level while recording a 1.2% drop in price over the past 24 hours. Featured image from DALL-E, chart from TradingView.com
Concerns about Europe’s upcoming MiCA regulations and Vitalik Buterin’s plans to make Ethereum more efficient were the main focus of crypto investors this week.
Tether’s consolidated profit in 2024 has reached $7.7 billion, with $14.2 billion in equity and total assets of $134.4 billion.
The company's flagship stablecoin USDT is the third-largest cryptocurrency with a $120 billion market capitalization.
The U.S. Treasury Department's panel of Wall Street advisers see the tokenization of U.S. debt and other assets providing some significant potential advances, the group contended in a new report – while also envisioning an inevitable need for the kind of heavy central hand that may rankle the crypto sector.
This was the first case against JPEX, which operated in Hong Kong without a license.