Tether Financial News

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.

Tether, a leading stablecoin issuer, has recently blacklisted five new addresses on the TRON blockchain. This action, reported by ChainArgos, highlights the ongoing scrutiny and proactive measures taken by Tether to maintain the integrity and security of its network.

Howard Lutnick’ – CEO of investment banking giant Cantor Fitzgerald – has a message for Tether Truthers: the stablecoin giant’s assets are 100% backed.

Major stablecoin firm Tether has responded to the United Nations (UN) report highlighting the alleged involvement of the Tether stablecoin USDT in illicit activity.

Tether, the issuer of the popular USDT stablecoin, has strengthened its dominance in the stablecoin market by approaching 100 billion tokens in circulation.

The United States Federal Reserve’s potential interest rate cut could reignite major institutional interest in decentralized finance (DeFi) and stablecoins, according to asset manager Fidelity.

In a recent report released by the United Nations Office on Drugs and Crime, Tether, one of the world’s largest stablecoin Tether, has been identified as a prominent tool employed by money launderers and fraudsters operating in Southeast Asia.

Tether, which is widely considered to be the most renowned stablecoin issuers, took a bold step that caused shockwaves to spread across the cryptocurrency industry when it pulled 8,888.88 Bitcoin (BTC) off the Bitfinex platform on purpose. Tether was able to vault itself into the top 10 Bitcoin holders globally as a result of this transaction, which was estimated to be with a value of over 380 million dollars.

Heavy ‘pocketed’ Tether (USDT) and Dogecoin (DOGE) holders are continuing to move in droves to buy a new ICO token, that’s a new Bitcoin alternative. It’s better than the $BTC by many’s point-of-view because it’s on Bitcoin-Blockchain’s top rival, Ethereum-Blockchain. A store-of-value token, symbol $Mollars, is set to debut this year and its current token presale (Mollars.com) is on fire. Over 1-million tokens expected to be sold by Friday if $USDT and $DOGE traders keep buying at the current rates.

The Orbit Chain, a multi-asset blockchain focusing on cross-chain transfers, recently fell victim to a sophisticated exploit. Notably, on December 31, 2023, a series of unauthorized transactions led to a significant financial loss, amounting to approximately $81.6 million.

The over-the-counter (OTC) cryptocurrency trading desk RenrenBit was founded by Zhao Dong, who is notoriously known as the «OTC King.» Zhao Dong was found guilty in China of the charges against him. In the context of China's increasing crackdown on criminal operations using cryptocurrencies, this conviction is a major event that has taken place. In the course of his actions, Zhao was involved in the facilitation of cryptocurrency and local currency trading, which is considered to be unlawful in the nation.

Circle Internet Financial, the company behind stablecoin USDC, said on Thursday that it had confidentially filed for a US initial public offering as part of plans to become a publicly-traded company. Circle did not disclose the number of shares it plans to sell or the proposed price range for its new IPO filing.

By Elizabeth Howcroft and Hannah Lang

Chinese authorities have recently dismantled a massive underground banking network valued at $2.2 billion, which was ingeniously using foreign digital currency platforms to circumvent the country’s stringent financial controls. This operation came to light following a detailed investigation by Chinese foreign exchange police.

Jerry Yu, a 23-year-old student at New York University, has made headlines not for his academic pursuits but for his extravagant ventures in the world of cryptocurrency and Bitcoin mining. Living in a lavish $8 million Manhattan condominium previously owned by Jeffrey R. Immelt, former CEO of General Electric, Yu symbolizes what is often referred to as the «second-generation rich» in China​​.

A liquidity pool comprising PayPal’s dollar-backed stablecoin PYUSD on Curve has locked $135 million in total value, an indication that the stablecoin is gaining traction in decentralized finance (DeFi).

Tether, the largest stablecoin operator, made headlines on Christmas Day by minting 1 billion USDT (Tether) on the Ethereum blockchain. This move, described by Paolo Ardoino, Tether’s CTO and new CEO, as «authorized but not issued,» is part of what the company calls inventory replenishment. This means these tokens are prepared for future issuance requests and chain swaps, but are not yet released into circulation​​​​.

crypto stablecoins, which advertise tranquility in an ocean of tumult, have hardly lived up to their billing. Not one out of the 68 tokens studied by researchers at the Bank for International Settlements has managed to stay on its peg at all times. Tether and USD Coin, the two largest players, reference their values 1:1 to the dollar, which enables them to act as a bridge of sorts between virtual and real-world representations of money. However, they have very little use outside the domain of crypto trading. For the broader population that doesn’t dabble in Bitcoin or Ether, keeping money in a bank that has deposit insurance has always been a safer option. And yet, despite their well-known infirmities, more stablecoins keep coming. Regulators, too, seem to be more receptive to having them around, despite spectacular blowups like when TerraUSD breached its $1 price target in May 2022 and wiped out about $500 billion from cryptocurrency markets. Circle’s USD Coin briefly lost its peg during the US regional banking crisis of 2023. Still, Hong Kong put out a proposal last week to license stablecoins. Singapore has already announced similar intentions. It’s very likely that before the end of 2024, the two financial centers will have come up with rules that US lawmakers have failed to adopt after three years of efforts.

Quicker and cheaper than its larger rival Bitcoin, Tron has overtaken its rival as a platform for crypto transfers associated with groups designated as terror organisations by the EU, Israel, the US and other countries, according to a Reuters analysis.

Bitcoin has achieved a significant milestone on New Year’s Eve, setting a new record in its network’s history with over 731,000 transactions processed in a single day.

beauty left in the world, no magic. Then how do you explain the entire world coming together on one night to celebrate the hope of a new year?' Thus goes a dialogue in the 2011 film, New Year's Eve. So very true! Dry bones may say, what's new in a New Year? It's just a minor digital change in the calendar. There's much more to a New Year than meets the eye.