This week’s Crypto Biz examines recent acquisitions in the crypto industry, Tether’s plans for a dirham stablecoin, and Polychain’s investment in the Bitcoin protocol Corn.
This week’s Crypto Biz examines recent acquisitions in the crypto industry, Tether’s plans for a dirham stablecoin, and Polychain’s investment in the Bitcoin protocol Corn.
Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.
Amid the memecoin frenzy on the Tron network, Justin Sun is facing backlash for the controversial removal of over $700 million in Bitcoin (BTC) as USDD’s collateral without the Tron DAO Reserve’s vote. Sun has now addressed the situation after the move raised concerns about the stablecoin’s decentralization. Related Reading: Tether Announces Upcoming UAE Dirham-Pegged […]
As Hong Kong looks into creating HKD and USD stablecoins, a local industry executive has addressed possible implications for stablecoins like UDST and USDC.
Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data. Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term. For volatile assets like Bitcoin, exchange outflows can naturally be a bullish sign for this reason. In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different. Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so. When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector. Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future. The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets. As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC. In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations as a result of the volatility that Bitcoin and other coins have displayed during the past day. Below is a table from CoinGlass that sums up the liquidations that have occurred in the latest volatile market phase. As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total. Related Reading: Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues Interestingly, Ethereum (ETH) is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC. BTC Price At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
More than $2.5 billion has been issued by Tether and Circle over the past week, and 10x Research believes continued momentum could spark a Bitcoin rally.
The newly minted stablecoins could help push Bitcoin’s price above the $65,000 resistance, which is the short-term whale holder's realized price.
This week’s Crypto Biz explores Tether’s profit record, bank-linked crypto trading in the United Arab Emirates, Polymarket’s growth amid US elections, and Coinbase custodian arm.
DWF Labs, a prominent crypto trading and market-making firm, is preparing to enter the booming stablecoin sector. In an Aug. 1 statement on social media platform X, Andrei Grachev, the firm’s managing partner, stated: “Following our plans to be a global web3 financial institution, I am happy to announce that DWF Labs is working on […]
The post DWF Labs to debut synthetic stablecoin amid sector’s explosive growth appeared first on CryptoSlate.
Tether, one of the largest crypto companies in the industry and issuer of the most widely used stablecoin USDT, has released its attestation report for the first half of the year, recording substantial gains that amount to nearly $1 billion per month. Transition To US Treasuries Pays Off According to the report, independently audited by accounting firm BDO, Tether’s net operating profit for the second quarter of 2024 reached a new high of $1.3 billion, propelling the company’s total net profit for the first half of the year to over $5 billion. According to the stablecoin issuer, the foundation of Tether’s financial growth and stability comes from an income base derived from investments in US Treasury Bills (T-Bills), which was first implemented after eliminating commercial paper from its stablecoin reserves and replacing it with US T-Bills in 2022. Related Reading: XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150 The report also revealed that in the second quarter of the year, direct and indirect ownership of US Treasuries within Tether’s token reserves made notable progress, surpassing $97.6 billion, resulting in a historic high in this metric. This brings Tether’s exposure to Treasuries across multiple countries, positioning it as the 18th largest holder of US debt globally and the 3rd largest purchaser of 3-month US Treasuries after the UK and the Cayman Islands. Despite fluctuations in Bitcoin (BTC) prices, which reached an all-time high of $73,700 in March, the report noted that consolidated equity increased by $520 million in the second quarter, with gold’s positive performance compensating for the losses. The company revealed that its consolidated net equity as of June 30 was $11.9 billion. Tether Commits Profits To Ecosystem Expansion According to the financial disclosures, as of June 30, 2024, Tether’s reserves for circulating tokens totaled $118 billion, exceeding debt by $5.3 billion. In a strategic move, the firm also revealed that a portion of the second quarter’s profits is going to be reinvested in “pivotal projects” to bolster Tether’s ecosystem, while a substantial excess reserve of $5.3 billion was maintained to fortify token stability. Investments in sustainable energy, Bitcoin mining, artificial intelligence (AI) infrastructure, telecommunications technology, neurotechnology, education and other long-term ventures were also part of the firm’s portfolio. Related Reading: Elliot Wave Theory Suggests Bitcoin Price Will Crash Below $40,000 Paolo Ardoino, CEO of Tether, took to social media to celebrate the company’s growth and profitability recorded in the first half of the year, saying: Finally, we realize that our company grew and reached new, almost unimaginable, levels. It’s truly humbling to find ourselves in the position to build everything our imagination could dream. That’s why, for us, Tether is a Once-In-One-Hundred-Year Opportunity. And being a private company allows us to focus on the things that truly matter. Featured image from DALL-E, chart from TradingView.com
Stablecoin issuer Tether CEO Paolo Ardoino has urged increased investment in decentralized peer-to-peer technologies after a global IT outage today, July 19. CryptoSlate reported that a significant technical issue with CrowdStrike’s centralized software led to a global outage affecting many sectors. This issue caused Windows computers to display the Blue Screen of Death (BSOD), disrupting […]
The post Tether pushes for decentralized tech systems following worldwide IT issue appeared first on CryptoSlate.
Plaintiffs in an ongoing class action lawsuit against Tether and Bitfinex have filed a new, slimmed-down complaint accusing the crypto companies of manipulating the crypto markets and violating antitrust laws.
Tether has frozen $28 million worth of USDT tokens connected to the Huione Group business in Cambodia. This is a big deal in the world of cryptocurrencies. This move comes after claims of theft and money laundering, showing how hard it is to regulate digital currencies. Related Reading: No Bail For Tornado Cash Dev Alexey […]
Since launching in September 2023, Opera Mini’s MiniPay app has amassed 3 million users.
Tether’s USDT supply is growing at its fastest rate on the Telegram-linked The Open Network (TON) blockchain. According to Tether’s transparency page, the stablecoin issuer has issued $580 million worth of USDT tokens on the blockchain, and its net circulation sits at $519 million as of press time. This milestone comes less than two months […]
The post Tether USDT sees rapid $580 million growth on Telegram-linked TON blockchain appeared first on CryptoSlate.
As of June 24, Tether’s month-over-month supply has risen by less than 1.5%, down from over 5% in April and May.
The circulating supply of the dollar-linked stablecoin on the two blockchains represents roughly 0.1% of the total USDT supply.
Alloy by Tether introduces a new class of digital assets called tethered assets, designed to track the price of various assets using robust stabilization mechanisms.
The new synthetic dollar is the first step in the rollout of a real-world asset tokenization platform, said Tether.
Patrick Hansen, a senior policy executive at Circle, the issuer of USD and Euro stablecoins, is positive that Euro-based stablecoins will continue rising in the coming days. Taking to X, Hansen noted that the number of transactions conducted using Euro stablecoins is 1.1%. Will Euro Stablecoin Usage Pick Up Steam From July? This figure, the […]
This week’s Crypto Biz explores the corporate battle between Riot Platforms and Bitfarms, Tether’s $1 billion budget for startups, Ripple Labs’ new custodian deal, and more.
On-chain data shows that Bitcoin and Ethereum exchange supplies have gone opposite ways recently, a sign that a rotation may be on. Bitcoin’s Exchange Supply Has Gone Down While Ethereum’s Has Risen According to data from the on-chain analytics firm Santiment, the Supply on Exchanges metric has dropped to the lowest level since December 2021 […]
Stablecoin issuer Tether and its investment arm, Tether Investments, have revealed their intention to allocate more than $1 billion to various investment opportunities over the next 12 months. According to a Bloomberg report, Paolo Ardoino, Chief Executive Officer behind the USDT stablecoin, shared insights into the company’s next investment strategies and areas of focus in […]
The plaintiffs seek to recover funds transferred out of their wallets as criminal proceedings against the exchange continue.
Tether announced a strategic $18M investment in XREX, aiming to enhance cross-border payments and promote financial inclusion.
The post Tether announces $18M investment in XREX Group to boost crypto adoption and financial inclusion appeared first on Crypto Briefing.
Following the investment, Tether expects close collaboration with Bitdeer across several key infrastructure areas, CEO Paolo Ardoino said.
The authorities destroyed two underground operations in Fujian and Hunan, and the police also froze 149 million yuan worth $20 million linked to the USDT banking operations.
To combat illicit financial activities, Tether, the entity behind the world’s largest stablecoin by market capitalization, has frozen approximately 5.2 million USDT. The crypto tracking and compliance platform MistTrack detailed this action, which targeted 12 Ethereum addresses identified as part of phishing operations. Related Reading: Stablecoin Exchange Inflows See Severe Drop: Why This Is Bad […]