It's an important step toward winning the tokenized RWA market as Circle continues to vye with stablecoin leader Tether.
Tether (USDT), the world’s largest stablecoin and the third largest crypto in market cap, has asserted its dominance in the cryptocurrency market and is now close to achieving a significant milestone. Recent data shows a massive influx of money into the crypto industry in the past week, with over $1 billion going into stablecoins. Related Reading: Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains Naturally, most of this inflow has gone into Tether (USDT), pushing its market cap closer to an unprecedented $120 billion. Tether (USDT) Leads The Stablecoin Market Stablecoins are one of the innovative applications of blockchain technology. Their use cases have grown over the years from trading other cryptocurrencies to a growing use in lending platforms and payments for goods and services. The stablecoin market has witnessed massive growth since the beginning of the year. This growth has been largely driven by increased investments in the crypto industry since the beginning of the year, contributing to their adoption. According to data from IntoTheBlock, the stablecoin market had a total market cap of $122 billion in October 2023. However, the bull run since then has pushed the total market cap to over $169 billion in September 2024, representing an increase of 38.5%. Furthermore, data shows that the inflow has increased by 1.71% from last month. At the helm of the stablecoin market is Tether, which has the largest share of the market cap. As of this writing, Tether’s market cap sits just shy of the $120 billion mark, with a consistent flow of new capital pouring into the stablecoin. Particularly, Tether currently has a market cap of $119 billion, representing a 70.4% stake among all stablecoins. USDC, the second-largest stablecoin, comes in at a current market cap of $35.88 billion. This growth has been largely due to USDT’s ability to maintain its value pegged to the U.S. dollar over the years, making it an attractive option for traders seeking stability amid market turbulence. What Lies Ahead For Tether And Stablecoins? The influx of capital into the stablecoin sector highlights the growing interest in stable digital assets, especially with growing concerns of inflation and the weakening of fiat currencies in developing countries. At this rate, Tether dominance among stablecoins is set to keep growing. Just last week, the Tether Treasury minted $1 billion USDT on the Ethereum blockchain and another $100 million USDT on the Tron blockchain. Interestingly, other lower market cap stablecoins have also been benefiting from this interest surge in stablecoins. One of these is First Digital USD (FDUSD), whose market cap has seen an increase of 47% in the past 30 days and now stands at $2.94 billion. Related Reading: Catizen (CATI) Soars 10% Following Multiple Exchange Listings Adding to this momentum is Ripple, the company behind XRP. Ripple recently announced plans to enter the stablecoin space with its Ripple USD (RUSD) stablecoin with plans to connect global financial firms and institutions. Given Ripple’s established presence in the global banking sector, RUSD is expected to experience significant growth after its launch. Featured image from Pexels, chart from TradingView
Tether’s market share has surpassed 75% of the entire stablecoin market, fueling concerns over the stablecoin giant’s influence over the crypto industry.
According to one analyst, Tron, a popular smart contracts platform and a stiff competitor of Ethereum, could be one of the most important layer-1s. Based on his assessment, the platform now serves more as a transactional layer, similar to Bitcoin. Tron Leads In P2P Stablecoin Transfers While the network was first known for hosting gaming […]
USDT attracts property rights as it can be the subject of tracing and can constitute trust property in the same way as other property, a judge in England declared.
This is Tether’s first investment in the agriculture and food sector, after investments in artificial intelligence, Bitcoin mining operations, and digital education initiatives.
Tether's move to back a synthetic dollar with gold could enhance stability and transparency in the crypto market, especially amid regulatory scrutiny.
The post Tether uses gold to back new synthetic dollar as gold is less volatile than Bitcoin, says Paolo Ardoino appeared first on Crypto Briefing.
The crypto market is witnessing an interesting trend as liquidity continues to grow, although the impact on the market remains muted. According to a report by CryptoQuant analyst Cauê Oliveira, over $3.65 billion has flowed into the market through the stablecoin USDT over the last 30 days. Liquidity Surges, But Market Isn’t Impacted This increase […]
The Bitcoin futures premium plunged to its lowest levels in 10 months, but traders have refused to turn bearish.
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 […]