Tether Financial News

In the most recent episode of The Market Report, analyst and writer Marcel Pechman delves into the topic of crypto exchange Binance’s proof-of-reserves. This report reveals a significant decline in USD Coin (USDC) balances, plummeting from $3.4 billion on March 1 to a mere $23.9 million by May 1. 

Circle CEO Jeremy Allaire estimates as much as 70% of USD Coin (USDC) adoption comes from countries outside of the United States.

The former chief executive of crypto lending platform Celsius Network, Alex Mashinsky is back on track to face a civil fraud lawsuit after a Supreme Court judge denied his motion to dismiss the case.

Tether developers are set to release innovative JavaScript libraries created to facilitate the transmission of commands and signals to Bitcoin (BTC) mining hardware, including WhatsMiner, AvalonMiner and Antminer.

In a significant legal victory for Tether and Bitfinex, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed a class action lawsuit brought against the stablecoin issuer. 

Bitcoin's price is trading choppy above the $29,000 threshold, and has captured the attention of traders and investors. The current live price of Bitcoin stands at $29,040, with a 24-hour trading volume of $11.3 billion. 

Earth from the sun's rays using a spaceborne «umbrella» tethered to a captured asteroid. This theoretical concept, proposed by István Szapudi, an astronomer at the University of Hawaii Institute of Astronomy, seeks to mitigate the impending catastrophe of climate change by reducing the amount of sunlight reaching our planet's surface.

Tether (USDT), the USD-pegged stablecoin issued by web3/fin tech company Tether, fell slightly below its 1:1 peg against the US dollar on Thursday on decentralized exchange (DEX) Curve Finance, pushing the DEX’s main stablecoin liquidity pool (Curve 3pool) into imbalance.

The issuer of the world’s most popular USD-pegged stablecoin USDT, Tether, bought 1,529 bitcoin (BTC) worth $45.4 million in Q2, as per comments by the company’s CTO cited by Bitcoin Magazine.

During a Twitter "Ask Me Anything" (AMA) session on July 31, Binance CEO Changpeng "CZ" Zhao expressed his intention to introduce smaller algorithmic Stablecoins to the market for investors to have alternatives to the existing global Stablecoin giants.

Tether, said on Monday its assets rose 5.7% to $86.5 billion in the second quarter of 2023, while it made more than $1 billion «operational profit», a 30% increase on the previous quarter. Stablecoins are a type of cryptocurrency which aim to keep a constant value and are usually backed by traditional assets such as dollars. Tether says there is $83.8 billion of its coin in circulation, which makes it the third largest cryptocurrency overall, according to market tracker CoinGecko. Tether's reserves report, signed off by accountants BDO Italia, says Tether's assets rose to $86.5 billion in the three months to June 30, 2023, up 5.7% from the previous quarter and a record high, according to previous reports on its website. Tether is a key cog in global digital asset trading, with many crypto-to-crypto trades denominated in the stablecoin.

Stablecoin issuer Tether’s consolidated reserves report for the second quarter of 2023 shows that the company has around $3.3 billion in excess reserves, while profits increased 30% from last quarter to over $1 billion.

By Elizabeth Howcroft

Russian private military company Wagner Group’s march towards Moscow in June triggered a 277% surge in trading volume between the stablecoin Tether (USDT) and the Russian fiat currency.

Tether (USDT) continues to increase its treasury reserve holdings backing circulating USDT tokens, according to its latest financial attestation for the second quarter of 2023.

According to the CoinGecko report, the entire cryptocurrency market saw a slight increase of 0.14%, with the total market cap rising from $1.238 trillion on March 31, 2023, to $1.240 trillion on June 30, 2023. This period was characterized by a consolidation of gains, following the exuberance of Q1

Investment professionals in both China and India are largely bullish on Central Bank Digital Currency (CBDC), according to a new survey from the CFA Institute.

Cryptocurrency is deemed property capable of being held on trust, Judge Philip Jeyaretnam of the High Court of Singapore decided in a ruling on July 25. The Judge said he didn’t see any difference between crypto, fiat money or shells, as long as all those objects, physical or not, share value, created by mutual faith in it. 

Middle Eastern terrorist groups associated with ISIS are increasingly turning to cryptocurrency to conduct their operations, according to a new report from TRM Labs.

Blockchain intelligence platform TRM Labs recently released a report that presents several case studies highlighting the use of cryptocurrency by ISIS affiliates across Asia. The report links on-chain connections between these groups and pro-ISIS fundraising campaigns in Syria.

stablecoin market while most cryptocurrencies are posting outsized gains this year. Traders use stablecoins to move money into and out of cryptocurrency markets, swap funds between exchanges and as a haven in times of high volatility. Often the market capitalization of the tokens increases during rallies and declines during downturns. So far this year, the total value of the crypto market has jumped around 50% to about $1.2 trillion, while the stablecoin sector has shrunk almost 8% to around a two-year low of $127 billion, according to researcher CCData. This discrepancy could have several explanations. Hoping for higher returns, investors may be rotating out stablecoins and into appreciating market leaders Bitcoin and Ether, according to Jacob Joseph, a research analyst at CCData. Stablecoins don’t pay interest and usually seek to maintain a one-to-one ratio with other assets such as the dollar, hence their name. Crypto advocates downplay the decline, with some citing the overall light trading volume in the wake of last year’s market collapse.