Leading stablecoin issuer Tether has once again slammed mainstream media, The Wall Street Journal, for publishing a report that claimed the firm and its affiliates falsified documents and shell companies to open bank accounts about four years ago. WSJ published the report on Friday, quoting emails and documents it received from Stephen Moore, one of...Read More
Tether Holdings Limited – the company behind the largest stablecoin USDT – revealed a net profit of around $700 million in the fourth quarter of 2022. It ended last year with excess reserves of $960 million and at least $67 million billion in consolidated total assets. Tether Remained Unfazed by the Bear Market Even though...Read More
Stablecoins have continued to play a very critical role in the crypto economy. The ongoing bear market also demonstrated that dollar-pegged coins like USDT and USDC witnessed a parabolic growth in market cap this year. However, top stablecoin issuers seemingly took a break from printing in December amidst a great deal of market turmoil and...Read More
Tether is back again with criticism of the mainstream media, which has once again called out the stablecoin provider for having potentially unreliable reserves. In response to the “recent cycle of Tether FUD,” the company has promised to reduce the secured loans in its reserves to zero by the end of 2023. What’s the FUD...Read More
In a new blog post, the centralized crypto exchange encouraged users to switch from USDT to USDC by waiving the conversion fees while highlighting the latter stablecoin as a “trusted and reputable digital dollar.” The development comes amidst a stablecoin war in the industry. Exchanges are stepping up to claim dominance of their native stablecoins....Read More
On Dec. 1, the Wall Street Journal published another attack on the crypto industry, targeting Tether this time. The outlet claims that the company has “increasingly been lending its own coins to customers rather than selling them for hard currency upfront.” It added that these loans add risk that the “company may not have enough...Read More
Dogecoin’s Shibetoshi Nakamoto believes a potential crash of the crypto exchange Binance or the stablecoin-issuer Tether could severely destabilize the entire industry. He also advised people to do appropriate research and understand the digital asset’s sector specifics before entering it. Binance/Tether Collapse Could be Devastating The Co-Creator of the memecoin Dogecoin – Billy Markus (better...Read More
Numerous major exchanges are disabling deposits and/or withdrawals for Solana-based variants of the top two stablecoins, USDT and USDC. The wave of delistings follows Solana’s major price crash in the wake of FTX’s collapse – an exchange known to be closely involved with the network and token. Scrubbing the Solana Stablecoins On Thursday, Binance announced...Read More
Tether has become the latest industry company to get involved with the ongoing saga revolving around FTX by freezing over 46 million USDT. The company said it had to comply with law enforcement agencies. All eyes in the crypto industry have been set on FTX for the past several days, ever since Binance decided to...Read More
Amid the chaotic meltdown, asset movement from Circle to FTX surfaced. It was also reported that Alameda could be the second-largest issuer of Tether. CEO of USDC issuer, Jeremy Allaire, assured the community that Circle has no material exposure to the troubled firms. Tether’s chief technology officer Paolo Ardoino also spoke on the matter. Circle’s...Read More
The hyperinflation, the collapse of the local banking system, and the significant depreciation of the currency prompted numerous Lebanese residents to embrace cryptocurrencies, including stablecoins. Some locals have also focused on bitcoin mining since they can use cheap hydropower from rivers and generate “fresh dollars.” What Triggered the Collapse? Lebanon, considered one of the most...Read More
A DOJ investigation into suspected bank fraud at Tether – issuer of the world’s largest stablecoin, USDT – has reportedly been transferred to another team within the department, according to a Monday article from Bloomberg Tether, however, has claimed that the information presented in the article is inaccurate, and a case of “sensationalized journalism.” Bloomberg’s...Read More
Roche Freedman, the law firm behind several legal actions against crypto companies, was removed from representing the plaintiffs in the infamous lawsuit that accused crypto exchange Bitfinex and its sister company Tether of market manipulation. Filed in 2019, the lawsuit against the two companies seeks total damages up to more than $1 trillion. Roche Freedman...Read More
Stablecoin issuer Tether has revealed that it now holds zero commercial paper after months of gradually reducing its commercial debt holdings for its reserve assets. The development comes less than two weeks after the company announced that it had reduced its commercial paper exposure to less than $50 million. Commercial paper is an unsecured, short-term...Read More
When stablecoins are sent to exchanges in large quantities, it is usually a signal that institutions are preparing to buy. It has not happened yet, as stablecoins such as USDC have been leaving exchanges as the bear market deepens. On Oct. 8, CryptoQuant CEO Ki Young Ju observed that 94% of the USDC supply is...Read More
Major stablecoin issuer Tether has further reduced its commercial paper holdings to less than $50 million, with more than half of its backing in US Treasury Bills. The continuous reduction in Tether’s commercial debt holdings is in line with the firm’s plans revealed earlier in the year. In an update posted on Twitter on Monday...Read More
Tether, the operator of the third-largest cryptocurrency with a market cap of almost $70 billion, announced the USDT launch on Polkadot. Thus, the stablecoin is now available on roughly a dozen blockchain networks. The announcement from the company described Polkadot as a “full-stack Web 3 ecosystem built for the multi-chain future.” Adding that it has...Read More
Some of the tech-savvy youngsters in Lebanon have reportedly shifted their focus toward cryptocurrencies amid the current monetary crash Earlier this week, the government closed all local banks due to ongoing risks for employees and customers. It remains unknown when the financial institutions will re-open, which might be one reason why locals started looking for...Read More
The lawsuit filed in 2019, which claims crypto exchange Bitfinex and its sister company Tether manipulated the crypto market to issue USDT to inflate Bitcoin’s price, has taken a new turn. United States District Court for the Southern District of New York has now ordered stablecoin issuer Tether to produce financial records of USDT to...Read More
Paulo Ardoino – Chief Technology Officer (CTO) at Bitfinex and Tether – recently commented on Ether’s usefulness as money, post-merge. The CTO believes the cryptocurrency cannot compete with Bitcoin as a form of money, due to design choices that have prioritized other objectives. Bitcoin is Money; Ether is Not As the CTO told Crowfund Insider...Read More
Tether will be launching its stablecoin (USDT) on NEAR Protocol. With this, the cryptocurrency will be circulating on a total of twelve different blockchains. According to a press release shared with CryptoPotato, NEAR Protocol will be the next to adopt the leading stablecoin by means of total market capitalization – USDT. Commenting on the matter was Paolo...Read More
After one of its Founding Partner – Kyle Roche – made some astonishing claims in an inebriated state, two other law firms – Kirby McInerney LLP (Kirby) and Radice Law Firm, P.C. (Radice) – submitted a document this week to the court to remove the company as interim co-lead from the Tether and Bitfinex Crypto...Read More
Major stablecoin issuer Tether has refuted claims made in an earlier story by the Wall Street Journal (WSJ), stating that the publication discredited the company’s transparency efforts and questioned Tether’s profitability. The USDT issuer is no stranger to controversy, especially regarding questions surrounding its reserves. So far, the company has reduced its exposure to commercial...Read More
The authorities of the Mendoza province reportedly enabled citizens to pay government fees and taxes in cryptocurrencies. The region’s tax administration described the move as “the strategic objective of modernization and innovation,” which could give “taxpayers different means to comply with their tax obligations.” Contrary to Mendoza’s pro-crypto stance, Argentina’s central bank is not so...Read More
Tether – the issuer of USDT, the world’s largest stablecoin – is yet to freeze addresses associated with the privacy protocol Tornado Cash. That means USDT holders can still technically use the smart contract to obfuscate their funds. However, it remains unclear whether Tether’s permissiveness amounts to a violation of U.S. sanctions. Tether and Tornado...Read More
Leading stablecoin issuer Tether has hired accounting firm BDO Italia to replace Cayman Islands firm MHA Cayman in overseeing its attestation reports for USDT reserves. The USDT issuer said it plans to release its attestation reports every month, replacing the previous quarterly reporting arrangement. Tether Hires Major European Auditor Founded in 1965, BDO Italia is...Read More
Tether – the issuer of the world’s largest stablecoin, USDT – has confirmed its support for the upcoming Ethereum Merge. This puts both USDT and USDC on the same page, quelling doubts about a potentially combative hard fork in September. In an announcement on Tuesday, Tether emphasized that it is important not to cause confusion...Read More
Cryptocurrency scams have reportedly been one of the most common cyber offenses in Hong Kong during the first half of 2022, and 25% involved digital assets. The concerning number of such fraudulent schemes could be explained by the growing interest in cryptocurrencies displayed by many Hong Kong residents. A recent research classified the state as...Read More
After three months of continuous slumps, Tether’s USDT supply is starting to rise again. This trend could be indicative of a potential market recovery. The market cap of the world’s largest stablecoin saw a modest uptick of around 0.7%. The cash injected into USDT has been relatively small and was under $500 million. The first...Read More
Cryptocurrency exchange Bitfinex and stablecoin issuer Tether have collaborated with Hypercore and have collectively created a new platform called Holepunch and launched a fully encrypted peer-to-peer (P2P) video calling application – Keet. Factoring in Privacy According to the official press release shared with CryptoPotato, Keet will facilitate real-time audio/video calls, text chat, and file sharing....Read More
