Tag: Tether

On April 1, 2024, Tether, a leading cryptocurrency company, announced the successful completion of the System Organization Control (SOC) 2 Type 1 Audit, marking a significant milestone in its security compliance efforts. Paolo Ardoino, Tether’s CEO, emphasized the importance of this achievement, stating, “This compliance measure assures our customers that their assets and data are managed in an environment meeting the highest standards for data protection and information security.”

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.

Tether CEO Paolo Ardoino criticized the practice of shorting USDt (Tether), highlighting its resilience amidst recent court filings involving Digital Currency Group (DCG). Ardoino’s comments come in response to revelations of DCG’s alleged attempts to short Tether and its failed merger pitch to Gemini, as detailed in court documents. The filings shed light on the complexities and challenges within the digital asset sector, raising questions about market integrity and participant accountability.

Tether, the notable blockchain company behind the stablecoin USDT, has caused headlines in the cryptocurrency industry with its latest initiative in Uzbekistan. Meanwhile, Tether, in collaboration with the National Agency of Perspective Projects (NAPP), intends to change the region’s acceptance of Bitcoin, stablecoins, and blockchain technology, marking a huge step toward supporting innovation and economic progress.

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, 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.

USDT dominance could close below its 200-week moving average for the first time ever, potentially signaling a shift in power from stablecoins to riskier assets like Bitcoin.

Bitcoin Price Jumps on Monday, Spurring Market Analysis coincides with Tether’s minting activity, By Wednesday moring, the coin has bounced off the $42,800 support after a brief consolidation on Tuesday.

Tether Treasury has conducted a significant transfer of 230,000,000 USDT tokens to the popular exchange, Bitfinex. This transaction, valued at approximately $229,956,875, has garnered attention within the crypto community due to its substantial volume and potential implications for the market.

Tether, the largest stablecoin issuer, bought 8,888 bitcoins in Q4 2023, increasing its total holdings to 66,465 BTC, worth $2.8 billion. Tether said it will invest part of its profits in BTC as a long-term strategy. Tether’s bitcoin holdings represent 0.3% of the total supply of bitcoin.