Even with Bitcoin surging past $100,000 for the first time, some critics have remained skeptical about the cryptocurrency’s future.
While MiCA’s implementation phase is ending on Dec. 30, 2024, there is also a transitional 18-month phase in MiCA’s total 36-month timeline.
"We are passionate about backing technologies that will prevent censorship and things being shut down," James McDowall told Cointelegraph.
Crypto execs are confident that it won’t be easy to enforce Brazil’s self-custodial stablecoin ban, with many examples proving that further decentralization is inevitable.
Crypto industry executives share with Cointelegraph what they expect for the now $200 billion stablecoin market next year.
Tether appears to have now been affected by regulatory adjustment in Europe. Particularly, with the EU’s new Markets in Crypto-Assets (MiCA) regulations scheduled to fully take effect in its member states by the end of the year, the crypto landscape is being reshaped. Intended to increase oversight as well as eliminate illegal practices, MiCA requires […]
This week’s Crypto Biz explores Coinbase's wBTC controversial delisting, Deutsche Bank’s blockchain, USDT in Europe, FTX creditors repayment and BVNK’s move to the United States.
The company, known for its $140 billion U.S. dollar stablecoin USDT, has made significant efforts to expand beyond its stablecoin operations this year.
On-chain data shows a massive amount of the stablecoin USDT has been moving to exchanges recently, potentially acting as fuel for the Bitcoin and wider cryptocurrency rally. USDT Exchange Inflows Have Remained High Recently In a new post on X, the on-chain analytics firm Santiment discussed the trend in the Exchange Flow Balance for Tether’s USDT. The “Exchange Flow Balance” here refers to an indicator that keeps track of the net amount of a given asset entering or exiting the wallets associated with centralized exchanges. When the value of this metric is positive, it means the inflows outweigh the outflows, and a net amount of the coin is entered into the exchanges’ wallets. Such a trend is usually a sign of demand among investors for trading away the cryptocurrency. Related Reading: Ethereum On-Chain Demand Should Sustain ETH Above $4,000, IntoTheBlock Says On the other hand, the negative indicator implies the holders are withdrawing a net number of tokens from these platforms. This kind of trend suggests the market is in a phase of accumulation. Now, here is a chart that shows the trend in the Exchange Flow Balance for USDT over the last couple of years: As displayed in the above graph, the Exchange Flow Balance for USDT has observed several large positive spikes over the past month, implying that large investors have been depositing their tokens. For assets like Bitcoin, a positive Exchange Flow Balance can be a bearish sign, as it could suggest the holders are planning to sell. However, the same isn’t true when the asset involved is a stablecoin. Investors generally store their capital in these fiat-tied tokens to avoid the volatility of Bitcoin and other cryptocurrencies. Such users eventually plan to venture into the volatile side once they feel the conditions are right. And when the time comes, they naturally transfer to exchanges to swap to Bitcoin or whatever desired coin. This act of selling USDT does not affect its value since the coin is, by definition, always stable around the $1 mark. Related Reading: Solana Struggles Against Bitcoin & Ethereum: Glassnode Explains Why On the other hand, The asset they are shifting to does witness fluctuations from the purchase. As such, stablecoin exchange inflows are usually considered a bullish sign for Bitcoin and other assets. During the last eight weeks, exchanges have received a net average of $40 million USDT. “Helping to fuel this bull rally and the many historic crypto pumps, look for stablecoin ‘dry powder’ to continue flowing in during this final stretch of 2024,” explains the analytics firm. Bitcoin Price Bitcoin set a new all-time high (ATH) beyond the $108,000 mark yesterday, but the coin appears to have seen a pullback since then, as its price is now trading around $104,500. Featured image from Dall-E, Santiment.net, chart from TradingView.com
A Kaiko and Bitvavo report highlighted the growth of crypto in Europe as regulatory frameworks have emerged in the region.
Binance, Crypto.com, Kraken and other crypto exchanges continue to list Tether’s USDT on their EU platforms weeks before the final MiCA deadline on Dec. 30.
Tether, the issuer of the world’s largest stablecoin by market cap, will provide its tokenization tech to Malta-based stablecoin firm StablR.
The crypto company behind USDT, the largest stablecoin, decided to shutter its own euro-pegged stablecoin and back smaller issuers that comply with the EU's MiCA regulations.
According to a report by crypto asset management firm Sygnum, institutional investor-led ‘demand shocks’ could propel Bitcoin (BTC) prices to new highs in 2025. However, altcoins may underperform due to factors such as reduced capital rotation from BTC to other cryptocurrencies. Bitcoin Likely To Continue Its Momentum Into 2025 In a report titled Crypto Market Outlook 2025, asset manager Sygnum outlined multiple factors that are likely to further push BTC price upwards next year. The report highlights new capital inflows into the market – particularly institutional inflows – as the primary driver for the crypto bull market in 2025. Related Reading: Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation The analysis highlights a ‘multiplier effect’ caused by institutional inflows combined with Bitcoin’s limited liquid supply. For instance, every $1 billion of net inflows into spot BTC exchange-traded funds (ETFs) reportedly triggers a 3-6% price increase. Additionally, the report notes that Bitcoin’s price momentum is amplified by the concept of reflexivity – demand for BTC grows as its price rises, creating a feedback loop. Together, institutional inflows, the multiplier effect, and Bitcoin’s reflexivity are expected to make 2025 a pivotal year for the cryptocurrency. The report also emphasizes the importance of a pro-crypto regulatory climate in the US, following the confirmation of Donald Trump’s victory in the November presidential election. The outcome is widely seen as favorable for crypto legislation, with expectations of a comprehensive regulatory framework that could provide much needed clarity for the industry. The election outcome bodes well for crypto legislation, with widespread expectation of the establishment of a comprehensive regulatory framework, which includes clarifying the status of crypto assets and defining the roles of the regulatory bodies. It is expected that the CFTC’s role in crypto oversight will be extended, and the chances of the various crypto bills passing and being written into law have increased substantially. Some of the major crypto bills that will be in focus are The Payment Stablecoin Act, The Bitcoin Act – which compels the US government to build a strategic BTC reserve – The CBDC Anti-Surveillance Act, and several other bills that support crypto self-custody, crypto mining, and decentralized finance. 2025: A Watershed Year For BTC The report predicts that institutional giants such as BlackRock, Fidelity, and Morgan Stanley will continue increasing their exposure to crypto. Notably, some portfolios now allow allocations of up to 25% for crypto investments, though typical allocations remain in the 1-3% range. Related Reading: Anthony Scaramucci Foresees China Bitcoin Strategic Reserve In 2025 Further, BTC may benefit from central banks and local governments considering setting aside some part of their funds for BTC reserves. Notably, countries like El Salvador and Bhutan are already actively mining and accumulating BTC as part of the wider national economic strategy. The report adds that 2025 inflows into crypto ETFs are likely to be ‘substantially higher’ than the net inflows to date. As of December 11, the total net assets in US-based spot BTC ETFs stands at $113.72 billion, according to data from SoSoValue. Despite the optimistic forecasts, the report acknowledges several potential risks that could dampen Bitcoin’s bullish trajectory. These include inflationary pressures, geopolitical uncertainties, and the increasing dominance of Tether in the stablecoin market. At press time, BTC trades at $100,940, up 0.9% in the past 24 hours. Featured image from Unsplash, Chart from TradingView.com
Coinbase said it will assess reenabling services for stablecoins that achieve MiCA compliance at a later date.
Binance and Circle established a strategic cooperation on Wednesday to increase adoption and utilization of the USDC stablecoin during an Abu Dhabi press conference. According to Fortune, the cooperation between Binance, the world’s largest cryptocurrency exchange, and Circle, which co-founded USDC with Coinbase, intends to acquire a larger portion of this booming market, especially as […]
Asset manager Bitwise sees the stablecoin market growing to $400 billion next year, with U.S. legislation, fintech adoption and global payments driving the growth.
As of the end of Q3 2024, Tether’s USDT stablecoin has hit a new record with 330 million on-chain wallets. This shows that USDT is the market leader in stablecoins and is accompanied by an astounding rise in acceptability, particularly among small holders. Stablecoins are becoming more popular for a variety of financial transactions, including savings, remittances, and transactions, which is driving the rise. Related Reading: HBAR To Hit $100? Analyst Points To Utility And Market Cap Potential Unprecedented USDT Growth Among Small Holders According to Tether’s latest data, the number of wallets holding USDT has increased by 71% in just one year. This rise is primarily driven by wallets with balances under $1,000, demonstrating that daily consumers prefer the stablecoin for its convenience and dependability. In fact, around 18.7 million wallets contain less than $1 of USDT, demonstrating its utility as a financial tool for those with low resources. According to Tether’s data, approximately 30% of these smaller wallets are reactivated on a regular basis, implying that users continue to use the coin whenever funds are available. The substantial increase in wallet numbers can be linked to a variety of factors, including the aftermath of the FTX crash, which encouraged many users to self-manage their assets rather than rely on centralized systems. This move demonstrates a rising trust in USDT as a solid and secure option in the wake of market volatility. Dominance Over Competitors With over 109 million active on-chain wallets, USDT has surpassed Bitcoin and is closing up on Ethereum’s wallet count. Tether’s stablecoin accounts for 97.5% of the overall stablecoin supply, considerably outpacing competitors such as USDC and DAI. According to the report, USDT is stored in four times more wallets than all other stablecoins combined, cementing its status as the world’s leading stablecoin. Emerging markets play an important role in this growth story. Almost half of the web traffic to centralized exchanges comes from these countries, where USDT is used by most consumers for money remittances and everyday transactions. This situation illustrates how USDT narrows the gap between individuals and banks when it involves providing a trusty solution for saving funds and conducting payments without access to the banking system. Related Reading: PEPE Hits $10.5 Billion Market Cap Milestone Amidst Frenzied Whale Action A Resource For Financial Inclusion The emergence of USDT is more than simply statistics; it signals a larger trend toward financial inclusion. With 59% of the world’s population earning less than $10 per day, stablecoins like as USDT are becoming increasingly important for many. Featured image from DALL-E, chart from TradingView
Tether’s USDT stablecoin has been approved as an Accepted Virtual Asset (AVA) by the Abu Dhabi Global Market (ADGM), according to a Dec. 10 statement. The landmark decision, granted by the Financial Services Regulatory Authority (FSRA), allows licensed entities within the jurisdiction to offer services involving USDT under ADGM’s regulatory framework. The approval marks a […]
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The CEO of prominent bond broker Cantor Fitzgerald played a major role in validating Tether this year by vouching for its reserves.
Stablecoin issuer Tether reported 109 million on-chain wallets holding USDT at the start of the fourth quarter, according to a Dec. 9 report. The growth positions USDT as one of the most utilized digital assets, with its wallet numbers approaching Ethereum levels and far surpassing those of Bitcoin. The report also highlighted USDT’s integration within […]
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Popular stablecoins, or digital assets designed to have a “relatively stable price,” are getting noticed by policymakers. While these crypto units are more stable than their counterparts, a recent Financial Services Oversight Council (FSOC) report suggests they can pose risks to the financial markets. Related Reading: Bitcoin Goes Tax-Free In Czech Republic For Long-Term Holders […]
By January 2025, Dtcpay will drop support for Bitcoin and Ether to focus on stablecoin payments exclusively.
Brazil, the second-largest market for stablecoin transactions, could be set to ban stablecoin withdrawals to self-custodial wallets like MetaMask.
XRP has made a historic comeback as the third-largest coin by market cap, the number of “XRP” Google searches breaking above “crypto.”
This week’s Crypto Biz explores Singapore Gulf Bank’s plans to acquire a stablecoin firm, Binance delisting tokens, Cantor Fitzgerald’s stake in Tether and the first DOGE ETP.
Cryptocurrencies, including stablecoins, still only pay for 0.2% of online commerce transactions globally, according to the report.
Stablecoin issuer Tether announced plans to end support for its Euro-pegged stablecoin, EURt, in a Nov. 27 statement. The company stated it had ceased minting new EURt tokens, with the last issuance request processed in 2022. It also continued that the asset’s current holders can redeem the tokens until Nov. 27, 2025. The decision marks the […]
The post Tether to shutter EURt to focus on Hadron amid regulatory challenges in Europe appeared first on CryptoSlate.
Tether has asked EUR₮ holders to redeem tokens within one year, ending on Nov. 25, 2025, as the company decided to discontinue the stablecoin.
Tether said it will phase out its euro stablecoin, EURT. Users will be able to redeem tokens for up until one year from now.Instead, the company will focus on backing new stablecoin ventures such as its recent investment in Quantoz and its tokenization platform Hadron.