Tag: USDT

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 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.

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.

Lookonchain reports significant cryptocurrency transactions associated with a suspected address linked to Justin Sun. Over the past 32 hours, the address purchased 54,721 ETH, valued at $154.4 million, and made substantial withdrawals and deposits

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, the issuer of the controversial stablecoin USDT, has voiced strong disagreement with a recent UN report highlighting its alleged involvement in illicit activity. In a statement, Tether expressed disappointment in the “singling out” of USDT, arguing that the report “ignores its role in helping developing economies in emerging markets.” To underscore its commitment to combating financial crime, Tether pointed to its freezing of over US$300 million in suspicious funds within the past few months. This move, according to Tether, demonstrates its active participation in curbing the criminal misuse of cryptocurrencies.

Justin Sun, the founder of TRON, a blockchain DAO ecosystem, announced that the circulation of USDT on TRON has exceeded $50 billion for the first time. He also expressed his confidence that the goal of issuing $100 billion on TRON stablecoins will be achieved soon.