Tag: stablecoin
Tether Partners With FBI To Reclaim $1.4 Million From Scam Targeting Elderly Individuals
According to a statement released on March 12, stablecoin issuer Tether worked with the US Department of Justice and the Federal Bureau of Investigation (FBI) to seize $1.4 million USDT from a tech support fraud network.
New York Community Bank to Serve as Custodian for USDC Stablecoin Reserves, Circle Announces Partnership
Circle, the issuer of the USD coin (USDC) stablecoin, has announced a strategic partnership with New York Community Bank (NYCB), a community bank with branches across several states. The collaboration aims to leverage NYCB’s custodial services and work on developing low-cost financial solutions for underserved communities.
Tether Launches a Blockchain Recovery Tool As Stablecoin Circulation Hits a Record $100 Billion
Tether Holdings’ USDT stablecoin has achieved a significant milestone, surpassing $100 billion in circulation, driven by increased demand for Bitcoin. Tether’s dominance in the stablecoin market is evident, with a 70% market share, while its closest competitor, Circle’s USDC, holds 19.4%. Despite its success, Tether has faced regulatory scrutiny regarding reserve transparency and corporate structure. To address concerns, Tether introduced a blockchain recovery plan, ensuring user security and fund protection in adverse scenarios. CEO Paolo Ardoino revealed plans to invest in Bitcoin mining operations, signaling Tether’s commitment to growth and innovation.
USDT Achieves Record $100 Billion Market Cap as Crypto Market Booms
Tether’s USDT has achieved a significant milestone, hitting an all-time high market capitalization of $100 billion, showcasing a 9% growth since the year began. This milestone cements Tether’s position as the dominant stablecoin, outpacing its closest competitor, USD Coin (USDC). Despite this success, a lawsuit has emerged involving cryptocurrency platform FTX and its alleged misuse of Tether in a profit-making scheme, underscoring challenges in the stablecoin sector.
Tether Implements Blockchain Recovery Tool to Safeguard USDT Accessibility
Tether, the world’s largest stablecoin, has unveiled an official recovery tool aimed at mitigating the risk of blockchain disruptions that could affect the accessibility of USDT. The new tool allows users to migrate USDT between blockchains in the event of a blockchain becoming unresponsive, unreliable, or unusable.
New Zealand Central Bank Governor Warns About Stablecoins
New Zealand Central Bank Governor Adrian Orr issued a strong warning against cryptocurrencies, particularly stablecoins, calling them the ‘biggest misnomer’ and emphasizing that their value depends entirely on the assets and liabilities of their issuer, raising concerns about their stability and suitability as a form of currency.
Stablecoin Transfer Volume On Solana Explodes As Confidence in The Blockchain Surges
Solana’s blockchain is experiencing a remarkable surge in stablecoin activity, with transfer volumes hitting a record high of $303 billion in January 2024, eclipsing the previous month’s figure by $6 billion. This meteoric rise marks a phenomenal year-over-year growth of over 2500%, compared to a mere $11.56 billion in January 2023. Moreover, Solana’s market share of stablecoin on-chain transfers has skyrocketed from a modest 1.17% a year ago to a commanding 31.82%.
Circle Internet Financial, Creator of Stablecoin USDC, Pursues Confidential IPO Filing
In a strategic move toward becoming a publicly-traded company, Circle Internet Financial, the overseer of the stablecoin USDC, has confidentially filed for a U.S. initial public offering (IPO). The Boston-based company, known for managing the issuance and governance of USDC, refrained from disclosing details such as the number of shares to be offered or the proposed price range.
Tether Withdraws $379 Million Worth of Bitcoin from Bitfinex, Becomes Top 10 BTC Holder
Tether, the largest stablecoin issuer, has increased its bitcoin holdings by withdrawing 8888.88 BTC (about $379 million) from Bitfinex, one of the leading cryptocurrency exchanges. According to Bitinfochart, Tether’s withdrawal has made it the tenth largest BTC holder, with a total of 66465.2 BTC ($2.82 billion) in its wallet. The average cost price of Tether’s bitcoin stash is $25,176, which means that the company has made a profit of $1.148 billion (+68%) from its bitcoin investment. Tether’s move comes amid growing scrutiny from regulators and investors over its reserves and transparency, as well as its influence on the cryptocurrency market.